March 13 Trade Setup: Oil Hits $100 Amid Hormuz Tensions; Nifty at 11-Month Low, Bears Dominate

• Oil prices hit $100 due to escalating Middle East tensions and Iran's Supreme Leader Mojtaba Khamenei's comments on the Strait of Hormuz.
• Nifty 50 fell nearly 1% to an 11-month low, showing strong bearish momentum with technical indicators maintaining a sell signal.
• Experts predict Nifty 50 could test immediate support at 23,500, with major risk for the 23,200–23,000 zone.
• Bank Nifty also showed continued bearish momentum, with RSI in the oversold zone, potentially triggering intermittent pullbacks.
• India VIX rose to 21.52, signaling elevated risk for bulls; 91 stocks saw short build-up, indicating selling pressure.