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Trade setup for Friday: Top 15 things to know before Opening Bell

"If the Nifty fails to break the 15,280 level, it may send the market to consolidation zone between 15,000 and 15,280," said Shrikant Chouhan of Kotak Securities.

March 12, 2021 / 07:16 IST
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The market witnessed a rangebound session on March 10 but remained in the positive territory and closed half a percent higher, supported by IT, metals, pharma, auto and select FMCG stocks. The fall in the volatility index (VIX) to 20.75 from 22.50 levels also supported the bullish bias.

The BSE Sensex climbed 254.03 points to 51,279.51, while the Nifty50 rose 76.40 points to 15,174.80 and formed a small bearish candle on the daily charts as the closing was lower than opening levels.

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"Technically, the market closed above the level of 15,150, which could maintain the market's bullish continuation. We may see at least 15,280 or 15,350 levels in the near term," Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said.

"However, if the Nifty fails to break the 15,280 level, it may send the market to consolidation between 15,000 and 15,280. If the index goes below 15,000, the bullish trend will break. Bond yields and the dollar index would once again determine the market trend in the coming days," he added.