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

Based on the OI percentage, 73 stocks were on the short-covering list on January 23, including Torrent Power, PVR, L&T Technology Services, Delta Corp, and Firstsource Solutions

January 24, 2023 / 06:24 AM IST
Representative image.

Representative image.

The market started off the week on a bullish note on January 23 by snapping two days of losses, as the benchmark indices gained half a percent thanks to buying in most of the sectors barring metal, and positive global cues.

The BSE Sensex rallied 320 points to 60,942, while the Nifty50 climbed 91 points to 18,118 and formed a long-legged Doji pattern on the daily charts, indicating indecisiveness among buyers and sellers about the future market trend, with a higher high higher low formation and taking support at 18,000 mark.

"The Nifty moved in a range after a gap-up start; at the end, a Doji pattern was formed. The trend, however, remains positive for the short term, as the index has been sustaining above the 50 EMA (exponential moving average -18,098) as well as the 200 DMA (daily moving average - 17,288)," Rupak De, Senior Technical Analyst at LKP Securities said.

The RSI (relative strength index) is in a bullish crossover and rising.