Geopolitical Jitters Drag India Markets Lower; SEBI RA Sees Nifty Resistance Near 24,200

Indian equity markets remained under pressure in Friday's afternoon trade amid escalating cross-border tensions with Pakistan. 

Reports of a late Thursday drone and missile attack by Pakistan on military installations in Jammu and Kashmir has extended hostilities into a second day, triggering a sharp sell-off across sectors.

At noon IST, Nifty traded down 244 points at 24,029, while Sensex fell 799 points at 79,535. Broader markets have pared some losses, Nifty Midcap index is down 0.6%.

Barring autos, PSU banks and consumer durables, rest of the sectors traded in the red. 

The India VIX cooled off from morning highs, but was still up around 3%. 

Market experts cautioned against panic selling. 

SEBI-registered analyst Krishna Pathak said that Nifty faces stiff resistance at 24,100–24,200, constrained by a declining trendline. 

According to him, immediate support lies at 23,950–23,980, with a further downside possible toward 23,800 if weakness persists. 

“Any pullback is likely to be met with selling pressure near resistance zones,” he said.

However, contrary to the fear-driven sentiment post the India-Pakistan flare-up, foreign institutional investors (FIIs) have made surprising moves. 

According to market expert Varunkumar Patel, FIIs have purchased over ₹2,000 crore worth of cash market stocks and increased net long positions in index futures, signaling confidence in India’s medium-term prospects.

“The geopolitical tensions may persist for another 1–2 weeks, but the probability of full-scale escalation is low given Pakistan’s limited military capability,” Patel noted. 

His strategy? Focus on stocks with strong quarterly results.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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