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

Based on the OI percentage, 52 stocks saw long unwinding on Tuesday, including Hero MotoCorp, Indiabulls Housing Finance, GNFC, M&M Financial Services, and RBL Bank

January 11, 2023 / 08:49 AM IST

The market caught in a bear trap on January 10 after a day of strong rally, with the benchmark indices declining 1 percent impacted by selling pressure across sectors barring auto.

The BSE Sensex plunged 632 points to 60,115, while the Nifty50 shed 187 points to 17,914 and formed a long bearish candle which seems to resemble a Bearish Engulfing kind of pattern on the daily charts, indicating control of bears over Dalal Street.

"A Bearish Engulfing pattern on the daily chart points towards a further correction," Rupak De, Senior Technical Analyst at LKP Securities said.

He says the index, however, has been hovering within the bands of 17,750 and 18,250. A decisive breakout on either side may trigger a strong directional move, the market expert said.