Trade setup for Friday: Top 15 things to know before the opening bell
Based on the OI percentage, as many as 17 stocks were on the short-covering list. These included Coforge, United Breweries, ONGC, InterGlobe Aviation, and Syngene International
The market remained volatile and finally closed the monthly F&O expiry session with moderate losses on February 23, continuing its southward journey for the fifth day in a row as Fed officials maintained their focus on more rate hikes to tame inflation.
The BSE Sensex was down 139 points at 59,606, while the Nifty50 dropped 43 points to 17,511, the lowest closing level since October 18 last year, and formed a bearish candle with upper and lower shadows on the daily charts. The index continued making lower highs and lower lows for the fifth consecutive session.
"A small negative candle was formed on the daily chart which indicates the formation of a high wave type candle pattern. Normally, such pattern formation after a reasonable downward correction signals possible upside bounce," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
The Nifty is currently placed near the crucial support of 17,400-17,300 levels and has recovered decently on the upside in the recent past
Based on the OI percentage, as many as 17 stocks were on the short-covering list. These included Coforge, United Breweries, ONGC, InterGlobe Aviation, and Syngene International
The market remained volatile and finally closed the monthly F&O expiry session with moderate losses on February 23, continuing its southward journey for the fifth day in a row as Fed officials maintained their focus on more rate hikes to tame inflation.
The BSE Sensex was down 139 points at 59,606, while the Nifty50 dropped 43 points to 17,511, the lowest closing level since October 18 last year, and formed a bearish candle with upper and lower shadows on the daily charts. The index continued making lower highs and lower lows for the fifth consecutive session.
"A small negative candle was formed on the daily chart which indicates the formation of a high wave type candle pattern. Normally, such pattern formation after a reasonable downward correction signals possible upside bounce," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
The Nifty is currently placed near the crucial support of 17,400-17,300 levels and has recovered decently on the upside in the recent past
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