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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 84 stocks in which short-covering was seen including Kotak Mahindra Bank, UltraTech Cement, Bosch, Coforge, and JK Cement.

March 21, 2022 / 01:03 PM IST

Robust rally for second consecutive session helped the benchmark indices reach one-month high levels on March 17 as there was healthy buying in all sectors barring IT. Positive global mood and in-line 0.25% interest rate hike by Federal Reserve along with stable oil prices aided market sentiment.

The BSE Sensex climbed 1,047 points or 1.84 percent to 57,864, while the Nifty50 jumped 312 points or 1.84 percent to 17,287, the highest level since February 17, and formed bullish candle on the daily charts. The index saw robust bullish candle formation for yet another week, indicating bulls having strong upper hand at Dalal Street.

"The last eight trading sessions' rally from the lows of 15,671 added around 1,673 points, leading to two back-to-back strong bullish candles on the weekly charts. This perhaps is hinting at a durable bottom around recent lows of 15,671," said Mazhar Mohammad, Founder & Chief Market Strategist at Chartviewindia.

Based on the 37-day downsloping channel breakout, registered on March 14, a higher target of 17,900 cannot be ruled out, he said.