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

Subash Gangadharan of HDFC Securities expects the indices to make new life highs in the coming sessions.

December 30, 2020 / 07:11 AM IST

The market gained for the fifth consecutive session and ended at a fresh record closing high on December 29, with support from banking and financial stocks.

The BSE Sensex rose 259.33 points to 47,613.08, while the Nifty50 jumped 59.40 points to 13,932.60 and formed a small bullish candle on the daily charts.

On a daily basis, "the Nifty50 closed above the level of 13,900, which is positive for the market and we expect it to stabilise at these levels. Also, it could invite buying at major supports," Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities told Moneycontrol.

He feels the Nifty50 would trade between 13,800 and 14,100 levels for the next two days. "Keep long stop loss at 13,700 for the same," he said.