The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 146 points.
On the first day of February series, January 28, the market started with a bounce back but failed to sustain it and lost more than 270 points from day's high on the Nifty50 in last couple of hours of trade to close with moderate loss. Heavy FII selling, caution ahead of Union Budget and weak global cues weighed on the sentiment.
The BSE Sensex was down 76.71 points to close at 57,200.23, while the Nifty50 declined 8.20 points to 17,102 on Friday and formed bearish candle which resembles Shooting Star kind of pattern formation on the daily charts. The index corrected 3 percent during the week, forming bearish candle on the weekly scale.
According to pivot charts, the key support levels for the Nifty are placed at 16,994.83, followed by 16,887.77. If the index moves up, the key resistance levels to watch out for are 17,291.23 and 17,480.57.