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

Put writing was seen at 11,000 strike, which added 2.21 lakh contracts, followed by 11,300 strike, which added 1.35 lakh contracts and 11,200 strike which added 99,675 contracts.

September 02, 2020 / 07:10 AM IST

The market regained strength on September 1 after a day of major correction seen in the last three months. The rally was driven by auto, financial services, FMCG, metals and pharma stocks.

The BSE Sensex climbed 272.51 points to 38,900.80, while the Nifty50 rose 82.80 points to 11,470.30, forming Long Legged Doji kind of pattern on the daily charts as closing was near opening levels.

"Tuesday's upside bounce may be a minor cheering factor for bulls to make a comeback, but the market is expected to reverse down from the highs in the next 1-2 sessions. The recent swing high of 11,794 is unlikely to be breached on the upside in the short term. Immediate support is placed at 11,365," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol.

"Daily RSI has turned below crucial 60 levels. As per its bullish high low range of 75-40 levels, it could slide down to lower 40 over the period of time. Hence one needs to be careful about the resumption of further weakness from slightly higher levels," he said.