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

The next important resistances are placed at 12,250 and 12,430 levels, which could offer key resistance for the market on the higher side, says Nagaraj Shetti of HDFC Securities.

November 06, 2020 / 07:10 AM IST

The market had a strong run with the benchmark index Nifty50 closing above the 12,100 mark on November 5, amid anticipation of the Democratic Party's victory in the US election and hope of further supportive measures from the Federal Reserve.

The BSE Sensex jumped 724.02 points or 1.78 percent to close at 41,340.16, while the Nifty50 surged 211.80 points or 1.78 percent to 12,120.30 and formed a bullish candle on the daily charts.

"Technically, this pattern could mean an uptrend continuation and the unfilled opening upside gap could be considered as a bullish breakaway gap. This is a positive indication and more upside could be in store in the short term," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.

"We observe a sustainable upside breakout of the hurdle of previous swing highs around 11,950-12,025 levels, which was coincided with a down-sloping minor trend line. This also indicates an upside breakout of the recent broader range movement of the market," he said.