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As markets anticipate further escalation in India-Pakistan tensions, Indian equity benchmarks are trading on a cautious note. Towards the market close at around 2:35 pm, the broader Nifty50 benchmark traded weak by over 1 per cent or 298 points at 23,975.5. Amid the crisis, Rs 4 lakh crore market cap has been wiped out in trade today.

Zee Business Managing Editor Anil Singhvi held that the market momentum continues to be cautious and tepid. Investors and traders are in a wait-and-watch mode and are unwilling to take fresh positions in the market.

He noted that in such a situation, one should watch out for the big levels on Nifty. Singhvi mentions that the next leg of the fall will come if the Nifty50 index closes below 23,800. Subsequently, 23550 is the next big level, below that the range of 22800-23000 is a big support, while 24150-24300 will act as the resistance zone, he added. 

The market wizard says investors should sit quietly and wait till the environment stabilizes for new purchases. He added that traders should keep intraday and overnight positions very light. 

Further, he advises to trade in the market with strict stop losses.

Also, in a case when the key levels are breached, investors should not engage in any panic buying or selling.

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