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The next upside level to be watched is around 12,800 for the next few sessions, says Nagaraj Shetti of HDFC Securities.

November 11, 2020 / 07:09 AM IST

The market remained in a strong uptrend with the benchmark indices hitting fresh record highs on November 10, backed by banking and financials and consistent FII inflow. Positive global cues following further progress on the COVID vaccine front also lifted sentiment.

The BSE Sensex surged 680.22 points or 1.60 percent to end at a record closing high of 43,277.65, while the Nifty50 rallied 170.10 points or 1.37 percent to 12,631.10 and formed a bullish candle on the daily charts. The indices climbed over 8 percent in seven consecutive sessions.

"Though Nifty placed at the new all-time high of 12,643 levels, there is no indication of any reversal pattern yet at the highs, as per daily and intraday timeframe chart. This is a positive indication and one may expect further upside in the market in short term," Nagaraj Shetti, Technical Research Analyst at HDFC Securities, told Moneycontrol.

"Daily RSI has moved above 70 and there is some room left for this indicator to top out and weekly RSI is now moving above 60 levels. This action of RSI could signal some more upside for the market ahead," he said.