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

Nagaraj Shetti of HDFC Securities said weekly RSI has moved above 60 levels, which is suggesting further strengthening of upside momentum in the market

November 09, 2020 / 08:12 AM IST

Bulls retained their control over Dalal Street throughout the week ended November 6. The benchmark indices gained more than a percent on Friday, backed by buying in Reliance Industries and banking and financials stocks.

Positive global cues amid US election results, and consistent FII inflow lifted sentiment during the day. As a result, the benchmark indices closed at highest level since January 17, 2020.

The BSE Sensex climbed 552.90 points, or 1.34 percent, to close at 41,893.06, while the Nifty50 rallied 143.20 points, or 1.18 percent, to 12,263.50 and formed bullish candle on the daily as well as weekly charts. It gained 5.3 percent for the week and now is 1.3 percent away from record high levels.

"Friday's sharp follow-through upmove could confirm a sustainable upside breakout of the recent consolidation pattern. The opening upside gap of Thursday remains unfilled two sessions after its formation. Hence, this gap could be considered as a bullish breakaway gap and this could signal more upside for the market ahead," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.