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Trade setup for Monday: Top 15 things to know before the opening bell

Experts say the profit booking in the previous two sessions was minor and the near-term uptrend remains intact. The immediate support for the Nifty is at 18,550-18,450

December 05, 2022 / 09:09 AM IST

The market ended lower for the first time in nine sessions on December 2, closing around 0.6 percent down from the previous day on profit booking and weak global cues.

The Sensex dropped below 63,000 to close 416 points lower at 62,868, while the Nifty declined 116 points to 18,696 and formed a bearish candle on the daily charts.

"A small negative candle was formed on the daily chart, which is back to back in the last two sessions. This pattern indicates a resumption of minor profit-booking in the market from all-time highs. The present weakness seems to be a minor one as compared to the sharp upmove in the last two weeks," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.

The Nifty, as per the weekly chart, formed a long positive candle with an upper shadow. The near-term uptrend remains intact and there is a possibility of a bounce from the lows over the next one or two sessions, the market expert said. The immediate support for the Nifty is at 18,550-18,450.