Nifty Cracks 23,800: Expert Warns Of Further Downside As Crude Oil Nears $97; What Next?

Indian markets witnessed a sharp sell-off, with the Nifty falling 260 points within the first few minutes of trade and breaking below the key 23,800 level. Gaurav Sharma, VP & Head of Research, Globe Capital, warns that the breakdown could open the door for a further slide towards 23,600. He advises short-term traders to exercise utmost caution amid heightened volatility. Sharma also highlights rising Brent crude prices as a major concern, warning that a move above $97 could push crude towards $103–105. Higher oil prices could fuel inflation fears, pressure rate-sensitive sectors and weigh further on Indian equities.