VIX, Wall Street’s so-called fear gauge, surged 16.93% to 21.07 — its highest level in months — as investors reacted to the intensifying conflict.

Escalating conflict between Israel and Iran sent the stock market falling on Friday. The Dow Jones Industrial Average dropped 770 points, or 1.8%. The S&P 500 fell 1.1%. The Nasdaq Composite was off 1.

The bulls would first look to continue defending the May 22 swing low and the recent developments have put the Nifty back in that 24,500 - 25,200 range which has failed to breakout of, despite the Nifty Bank hitting new highs in the process.

Currently, SP500 is trying to settle below the support at 6000 – 6010. In case this attempt is successful, SP500 will move towards the next support level at 5910 – 5920. NASDAQ is losing ground as traders sell riskier assets amid rising geopolitical tensions.

Iran launched a counterattack on Israel the same day Israel hit Iranian nuclear sites and military bases with airstrikes on June 13.