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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 11,775.27, followed by 11,661.13.

October 28, 2020 / 06:56 AM IST

The market rebounded after correcting on October 26. The Sensex climbed 376.60 points to 40,522.10 and the Nifty rallied 121.60 points to 11,889.40, forming a bullish candle on the daily charts.

Sectors like banking & financials, automobile, FMCG and pharma stocks witnessed buying interest.

"A reasonable positive candle was formed on Tuesday, just besides the long negative candle of Monday. Technically, this pattern signals a smart comeback for the bulls from lower levels. In the last few occasions, the formation of such long bear candles have failed to show any reasonable follow-through declines after its formation," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, explained.

"Hence, the upside bounce of Tuesday, after a long negative candle of the previous session, could indicate the possibility of more upside in the market. This signals an inherent strength for the bulls below the key overhead resistance of 12,000 mark. Such repeated actions below this hurdle could eventually open doors for a decisive upside above 12,000 in the near term," he said.