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

Ajit Mishra of Religare Broking advises traders to maintain their focus on sectors, which are attracting buying interest, and plan their trades accordingly

September 17, 2020 / 09:48 PM IST

Bears took control of Dalal Street on September 17 after the bulls' presence in the previous session had helped the Nifty surpass the 11,600 mark. The market erased almost all its previous day's gains, following correction in global peers amid no comments on stimulus measures by the US Federal Reserve.

The Sensex fell 323 points to close at 38,979.85, while the Nifty dropped 88.40 points to 11,516.10 and formed a small bodied bearish candle on the daily charts, which indicates a false upside breakout attempt to its resistance at 11,600 levels.

"The formation of Thursday's pattern could signal an emergence of profit booking from the highs, but we are not anticipating any sharp reversal from the highs as of now. There is an absence of long bear candle formation at the highs and this downward correction is likely to end soon," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol.

"Any decline from here, Nifty could find support at 20-day EMA (Exponential Moving Average) around 11,430, but we have seen a mild upside bounce from this moving average recently. The Nifty also failed to continue with its bullish positive sequence of higher tops and bottoms recently, which could be a cause of concern for bulls at the highs," he said.