As the broader index in India is expected to be down 35 points, the market is expected to open in the red.
Both the BSE Sensex (down 208 points to 62,626) and the Nifty50 (down 58 points to 18,643) closed the day higher than they opened, forming bullish candles on the daily charts.
According to the pivot charts, the Nifty’s primary support level is at 18,596, with further support at 18,578 and 18,548. Key resistance levels to keep an eye on should the index move higher are 18,655, 18,673, and 18,702.
5 Things To Know Before The Stock Market Opens
The stock market is about to open. So here are a few things that you should know before it does.
1. Wall Street is looking good after the comeback rally. After the plunge in stocks by 3.5% in the last week the stocks are steadily rising over the period of time. The 30-stock average jumped 586 points, or nearly 1.8%, to start the week. The S&P 500 gained 1.4%, sitting within 1% of its record high. The Nasdaq was Monday’s relative underperformer with a 0.8% advance.
2. Fed chief Powel is set to stand and testify before the House panel. Powel did say in this testimony that though the economy is growing it is going to face constant threats from the Covid pandemic.
3. Bitcoin fell again. On Tuesday the Bitcoin fell by 8% and trading goes below 30,000 dollars. This is creating ripples in the Bitcoin industry. After China’s new policy to get rid of the Bitcoin miners from Beijing and the country, there has been a shift.
4. EU had opened an anti-trust probe into Google’s advertising unit. This was done to check if the tech giant is actually favoring its own display ad technology services. This had been a tough month on Google as it was charged by France for abuse of advertisement.
5. NYC voters are going to vote in the mayoral primary. Democratic voters are going to go and vote and then they are going to select the mayoral nominee for their party. There are 8 candidates present. They are all hoping to replace Democratic Mayor Bill de Blasio, who can’t run again because of term limits.
That’s all for the things that you should know before the stock market opens.