Markets action for the day

Markets action for the day

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 80 points gain.

Sensex was down 1,145 points, or 2.25 percent at 49,744.32 on February 22 while Nifty ended 306 points, or 2.04 percent lower at 14,675.70. According to pivot charts, the key support levels for the Nifty are placed at 14,537.1, followed by 14,398.5. If the index moves up, the key resistance levels to watch out for are 14,912.2 and 15,148.7.

Globally NASDAQ leads the decline and followed by all other markets. Today we have to see how the index manages to close above its 20 DMA. With the kind of Gap Up seen, we have to see whether it hold or not. Closing above its 20DMA could be a positive move today’s all-time high again. Else the fall can attract its 50DMA.

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