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

The upper hurdle of 11,800 could be taken out soon, Nagaraj Shetti of HDFC Securities said

October 08, 2020 / 07:13 AM IST

The positive momentum continued for the fifth session in a row as bulls remained in a strong position at Dalal Street on October 7. Rising expectations of better Q2 earnings and hopes of stimulus could be supporting the market.

The Sensex ended up 304.38 points at 39,878.95 and the Nifty climbed 76.50 points at 11,738.90, the highest closing level since February 25, forming a bullish candle on the daily charts.

"Nifty sustained higher after the upside breakout of the initial hurdle at 11,550. It is then tried to move above the next important swing high of 11,795. This could be an indication of strength of bulls to surpass the hurdles. Hence, the upper hurdle of 11,800 could be taken out soon," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol.

"Nifty sustaining above the next key reversal pattern -- Bearish Engulfing -- on the daily and weekly chart at 11,795 is expected to be an important signal of negation of the bearish pattern. Such negations tend to act as an uptrend continuation pattern. In such a scenario, the market could reach up to upper 12,250 levels in a short period of time," he said.