Top buy & sell ideas by Ashwani Gujral, Sudarshan Sukhani, Mitessh Thakkar for short term

The market is likely to take cues from the negative sentiment across the globe. Asian and US markets have shown downward trends, while the Nifty futures on Singaporean Exchange also hint at a lower opening.

The market was in a bear trap on October 18 after consistent upmove in previous three consecutive trading sessions. The Nifty started the day with a 100-point rally but wiped out all gains in afternoon trade to close below the 10,500 levels and formed 'Bearish Engulfing' pattern on the daily candlestick charts.

A Bearish Engulfing Pattern consists of two candles. One candle is usually a small candle which is followed by a large black or red candlestick pattern that engulfs the short one or the previous candle.

The Nifty index opened gap up with 104 points gains at 10,688.70 to hit an intraday high of 10,710.15 but failed to hold its gains and corrected sharply in afternoon trade to hit day's low of 10,436.45. It witnessed selling pressure at its resistance of 10,650-10,700 zones and corrected by 257 points from its intraday high.