The Indian stock market is expected to open in the red as trends on SGX Nifty indicate a negative opening for the index in India with a 75 points loss.
The BSE Sensex declined 585.10 points, or 1.17 percent, to close at 49,216.52 on March 18 while the Nifty50 fell 163.40 points, or 1.11 percent, to 14,557.90. According to pivot charts, the key support levels for the Nifty are placed at 14,399.2, followed by 14,240.6. If the index moves up, the key resistance levels to watch out for are 14,795.8 and 15,033.8.
As mentioned in our previous post, Nifty is struggling to bounce back at its 20DMA and now at 50DMA. The final leg for the Nifty is at 61.8% correction from the top which is placed at 14,290- 14,300 which can be the last hope for the Index to reverse.
Similar to Nifty, bank nifty is placed in the same structure. Unless it is a buy at 50% support levels, we might see another sell-off till 32,800.
Trade as and when the trend reverses and along with the markets. Volatility is part of markets, maintain consistency in the execution.
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