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As India-Pakistan tensions escalate post India's Operation Sindoor, here below is Zee Business Managing Editor Anil Singhvi's view on the markets. As we write, Nifty50 trades on a cautious note - down nearly 1 per cent or over 230 points at 24,043.6. Meanwhile, the broader markets are also trading in the red- with a deeper cut of up to 1.6 per cent at the last count.

In one of the most severe escalations in several years, Pakistan’s large-scale drone as well as missile attack on major Indian cities together with military bases late Thursday night was foiled by India’s state-of-the-art air defense systems. The swift retaliation by India has left Pakistan in shock, with material military and infrastructure losses reported across cities such as Islamabad, Karachi and Lahore.

On the night of May 7-8, Pakistan launched a significant number of drones and missiles targeting at least 15 cities across Western and Northern India, including Jammu and Chandigarh.

In retaliation, India's three defence forces coordinated a decisive counter-attack on Pakistan, targeting military set-ups and facilities in Peshawar, Islamabad, Lahore, Karachi, Sialkot, and Bahawalpur.

Reportedly, Karachi, an economic hub in Pakistan, suffered heavy losses as Indian missiles hit key infrastructure, including Karachi Port.

Singhvi mentioned that this time around, increasing action from India and Pakistan is a new trigger for the market. And the market is of the viewpoint that tensions between the two nations will escalate further and will also last a little longer.

He added that till the fight continues, the sentiment will remain cautious.

Further, cautioning traders, he said one needs to focus on two things:

Singhvi added that weakness in the markets will be indicated only if the Nifty closes below 23800 and till then we can consider the fall as the running correction.

He held that one should focus on the next big support. 23550 is the next big level, below that the range of 22800-23000 is a big support, he added. 

According to Singhvi, the upper range for the bluechip index is between 24450-24600 and if it breaches these levels then there will be gains on the index.

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