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

According to pivot charts, the key support level for the Nifty is placed at 11,690.27, followed by 11,618.03.

October 19, 2020 / 07:20 AM IST

The market rebounded after around 2.5 percent loss seen in the previous session and closed seventh of a percent higher on October 16, led by banking and financials, metals and pharma stocks. The recovery in European peers also supported sentiment.

The BSE Sensex was up 254.57 points to close at 39,982.98, while the Nifty50 gained 82.10 points at 11,762.50 and formed a small-bodied bullish candle on the daily charts.

The overall market breadth has continued with sluggish movement but, broad market indices - Midcap and Smallcap indices - gained over a percent each.

"This could be a minor hope for longs to comeback in the market. The negative implication after the formation of the Bearish Engulfing pattern of Thursday remains intact, as long as the high of that pattern is protected at 12,025. Friday's upside bounce could provide an opportunity for sell on rise in the next week," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.