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

Any dip down to 11,800-11,750 is going to be a buy-on-dips opportunity in the market for the next few sessions, says Nagaraj Shetti of HDFC Securities.

November 05, 2020 / 07:15 AM IST

The market closed on a strong note after witnessing a roller-coaster ride amid US presidential election results on November 4, led by buying in IT and pharma stocks and sharp weakness in rupee against the US dollar.

The BSE Sensex jumped 355.01 points to close at 40,616.14, while the Nifty50 rallied 95 points to 11,908.50 and formed a bullish candle on the daily charts.

"Nifty is now entering a crucial resistance zone of around 11,900-11,950 levels and is now facing hurdle at the downsloping minor trend line. Hence, there is a possibility of consolidation or minor profit booking from around 11,925-11,950 levels in the next session," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.

"The expected profit booking may not change the positive status of the short term trend, as we could see an emergence of buying from the lows of 11,800 levels," he said, adding any dips down to 11,800-11,750 is going to be a buy-on-dips opportunity in the market for the next few sessions.