The market is expected to open in the green as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 57 points.
The BSE Sensex rallied 563 points to 60,656, while the Nifty50 climbed 158 points to 18,053 and formed long bullish candle, which somewhat resembles bullish engulfing kind of pattern on the daily charts, with making higher high higher low for third straight session. Also there was a breakout of downward sloping resistance trend line adjoining December 1, 2022 (all-time high) and January 16, 2023.
According to the pivot charts, we have the key support level for the Nifty at 17,933, followed by 17,890, and 17,819. If the index moves up, the key resistance levels to watch out for are 18,075, followed by 18,119 and 18,189.
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