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 90 points gain.
The Sensex closed 487 points, or 0.95 percent, lower at 50,792.08 on March 12 while the Nifty fell 144 points, or 0.95 percent, to 15,030.95.
According to pivot charts, the key support levels for the Nifty are placed at 14,877.63 followed by 14,724.27. If the index moves up, key resistance levels to watch out for are 15,260.33 and 15,489.67.
On weekly basis, there is a divergence seen on Price and RSI, which is rare in recent times. The current action on Nifty is Buy on Dips and Sell the Gap Ups. Unless there is a clear direction above 15,400 on the upside or 14,500 on the downside, it’s better to trade contra at every support and resistance.
On the other hand, Banknifty showing a sideways trend with declining RSI could be slightly cautious.