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 14 points gain.
The Sensex and Nifty lost more than a percent in the week ended February 19, while BSE midcap and smallcap indices outperformed with gains of 0.63 and 1.23 percent, respectively. According to pivot charts, the key support levels for the Nifty are placed at 14,872, followed by 14,762.2. If the index moves up, the key resistance levels to watch out for are 15,117.8 and 15,253.8.
Nifty managed to reject its 14900 levels and bounced nearly 100 points from the day low on Friday, hinting that the recent 4 days correction is ended. I believe that there could be a structural bounce from here. Nifty holding on to 14800-14900 odd levels in the week will confirm the move despite global bond markets worry.
For the week, I would still be a buyer on every dip until Nifty holds to its key 20DMA levels.