Trade setup for Thursday: Top 15 things to know before Opening Bell
The short term trend of Nifty is positive and one may expect further upmoves in the coming sessions, says Nagaraj Shetti of HDFC Securities.
Sunil Shankar Matkar
December 17, 2020 / 08:50 AM IST
The market after its four-day consolidation gained strength to climb new life high on December 16, following positive global cues amid US stimulus hopes.
The BSE Sensex jumped 403.29 points to 46,666.46, backed by almost all sectors barring banks, while the Nifty50 rallied 114.80 points to 13,682.70 and formed a small-bodied bullish candle on the daily charts.
"A small positive candle was formed with long lower shadow. Nifty closed above the last four sessions' upper range of 11,590 levels. Technically, this pattern indicates an upside breakout of the small range at 13,600," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol.