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

According to pivot charts, the key support levels for the Nifty is placed at 11,886.2 followed by 11,837.9

October 14, 2020 / 07:09 AM IST

The market closed the rangebound session on a flat note on October 13 as the rally in IT stocks supported the market, but selling in banking and financials, pharmaceuticals, select automobiles and fast moving consumer goods (FMCG) stocks capped the gains.

The Sensex rose 31.71 points to close at 40,625.51 and the Nifty gained 3.50 points at 11,934.50, forming a Doji pattern on the daily charts as the closing was near its opening levels.

"Normally, a formation of Doji after a reasonable up move or down move could be considered as a warning signal for a trend reversal. Having formed this pattern beside the last negative candle could mean less predictive value for this Doji pattern," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol.

"The uptrend of the last seven-to-eight sessions is intact. The consolidation movement of the last couple of sessions could be considered as a corrective move of the said uptrend. This signal a lack of selling participation at the swing highs, post the sharp up move. Similar consolidation pattern was formed in the past during the latter part of September (29-30) and eventually resulted in an uptrend continuation pattern," he explained.