The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a positive opening for the index in India with a 119-point gain.
The Sensex closed 536 points, or 1.13 percent, lower at 46,874.36 on January 28 and the Nifty settled 150 points, or 1.07 percent, down at 13,817.55.
According to pivot charts, the key support level for the Nifty is placed at 13,721.07, followed by 13,624.63. If the index moves up, the key resistance levels to watch out for are 13,906.07 and 13,994.63.
Nifty’s low yesterday was exactly the 50 DMA Yesterday’s low of 13,713 now a sacrosanct level. Nifty needs to get past 14,000 to negate “Sell on a rally”
US markets surged but conviction missing, If Nifty ends at 13,981, it will be flat for the month of Jan. Bank Nifty will see resistance at a monthly pivot of 31,200
FIIs continue to sell big in cash, remains a risk at higher levels for today, markets may see short covering if first hour high is crossed. A clear trend for markets should emerge post budget.