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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 86 stocks in which a short build-up was seen including ONGC, Polycab India, PVR, RBL Bank, and IndiaMART InterMESH.

November 21, 2022 / 09:05 AM IST

The market saw consolidation for yet another session and closed with moderate losses helped by recovery in late trade on November 18, while the fall in broader markets was bit higher than benchmarks.

The BSE Sensex declined 87 points to 61,663, while the Nifty50 dropped 36 points to 18,308 and formed bearish candle with long lower shadow on the daily charts.

"Technically, this pattern indicates an emergence of buying interest from the lows. Nifty took a support of 10-day EMA (exponential moving average) at 18,247," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

The Nifty continues to show consolidation movement with weak bias at the highs and still there is no formation of any significant top reversal pattern, he feels. Hence, further consolidation or minor weakness from here could find support around 18,100 level and there could be upside bounce from the lows, the market expert said.