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Nifty declined 2.4 percent for the week, forming a long bear candle on the weekly chart and placing at the edge of moving below the significant trend line support at 11,600 levels, as per change in polarity.

November 02, 2020 / 07:10 AM IST

The market closed lower for a second consecutive session on October 30, the first day of the November series. Traders now keenly await direction from the US elections slated next week and clarity on the looming threat from the second wave of coronavirus cases across the US and Europe.

The BSE Sensex fell 135.78 points to close at 39,614.07, while the Nifty 50 shed 28.40 points to 11,642.40 and formed a small-bodied bearish candle which resembles a Doji kind of pattern on the daily charts.

"We observe back to back weakness in the last two sessions, post the formation of a long bear candle of October 28. After the downside range breakout recently, the Nifty struggled to sustain above the hurdle of the range breakout area at 11,750 levels, as per the concept of change in polarity. The formation of lower highs of a smaller swing on the daily chart could signal a possibility of further weakness below 11,600 levels again," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.

Nifty declined 2.4 percent for the week, forming a long bear candle on the weekly chart and placing at the edge of moving below the significant trend line support at 11,600 levels, as per change in polarity.