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

Wednesday's attempt to move above the key overhead resistance could be another indication to raise doubt on the sharp negative implication post Bearish Engulfing pattern of daily and weekly chart, says Nagaraj Shetti of HDFC Securities.

September 16, 2020 / 10:18 PM IST

The market on September 16 continued its uptrend for the second consecutive session with the Nifty reclaiming the 11,600 mark for the first time since August 28, backed by buying in almost all sectors.

The BSE Sensex climbed 258.50 points to close at 39,302.85, while the Nifty50 rose 82.70 points to 11,604.50 and formed a bullish candle on the daily charts.

"Nifty moved above the crucial overhead resistance around 11,580 and closed higher (previous opening downside gap of September 4 and the uptrend line, connecting previous rising lows). This action could bring hopes for bulls and one may expect Nifty to test the next upside levels of 11,795 in the near term (high of long bear candle of August 31)," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol.