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Trade setup for today: Top 15 things to know before the opening bell

Based on the open interest future percentage, there were 82 stocks in which a short build-up was seen including Deepak Nitrite, Ramco Cements, Aurobindo Pharma, Piramal Enterprises, and Axis Bank.

November 11, 2022 / 08:58 AM IST
The BSE Sensex on November 10 dropped 420 points to 60,614, while the Nifty50 declined 129 points to 18,028 and formed a high wave kind of pattern on the daily charts.

The BSE Sensex on November 10 dropped 420 points to 60,614, while the Nifty50 declined 129 points to 18,028 and formed a high wave kind of pattern on the daily charts.

The market extended losses for the second consecutive session on November 10, the weekly expiry day, but the Nifty50 strongly defended the psychological 18,000 mark. Thus, experts feel if the index sustains the crucial level in coming sessions then 18,350, the high of the current calendar year, can't be ruled out.

All the sectoral indices traded lower on Thursday. The BSE Sensex dropped 420 points to 60,614, while the Nifty50 declined 129 points to 18,028 and formed a high wave kind of pattern on the daily charts.

Normally, a high wave candle formations after a reasonable weakness call for an upside bounce from the lows post confirmation, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.

The positive chart pattern like higher tops and bottoms continued on the daily chart and Thursday's swing low could be considered as a new higher bottom of the sequence.