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Trade setup for today: Top 15 things to know before the opening bell

Based on the open interest future percentage, a short build-up is seen in 62 stocks, including IRCTC, Colgate Palmolive, Dr Reddy's Laboratories, Tata Chemicals, and Crompton Greaves Consumer Electrical

December 07, 2022 / 09:19 AM IST

The market corrected a third of a percent amid consolidation and a rangebound session on December 6, as traders looked cautious ahead of the Reserve Bank of India Monetary Policy Committee's interest rate decision on December 7. Weak global cues also weighed on market sentiment.

The BSE Sensex declined 208 points to 62,626, while the Nifty50 fell 58 points to 18,643 and formed a bullish candle on the daily charts as the closing was higher than the opening levels.

"On the daily charts, the Nifty formed a small body bullish candle indicating shrunken volatility. The momentum indicator RSI (relative strength index) is moving down. However, it is sustaining above 60 levels which reflects the presence of positive momentum in the prices," Vidnyan Sawant, AVP - Technical Research at GEPL Capital said.

As per the overall price structure and evidence provided by indicators, the market expert feels that the Nifty will stay in the range between 18,886 and 18,365 levels.