The market rebounded after two-day losses and closed above the 18,100 mark on the Nifty50 on November 4, backed by positive global cues and fall in volatility.
The BSE Sensex climbed 114 points to 60,950, while the Nifty50 rose 65 points to 18,117 and formed bullish candle on the daily charts with taking support at around 17,900-18,000.
"A reasonable positive candle was formed on the daily chart, which indicates an attempt of upmove post consolidation movement in the market. The positive chart pattern like smaller degree higher tops and bottoms is intact on the daily chart and Thursday's low of 17,959 could now be considered as a new higher bottom of the sequence," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
He feels the short-term trend of Nifty remains up and the market is now placed to show a decisive upmove above the hurdle of 18,100-18,200 levels.