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Trade setup for Thursday: Top 15 things to know before the opening bell
The market succumbed to selling pressure for the second consecutive session with the benchmark indices falling six-tenth of a percent on May 17, dragged by technology, metal, banking & financial services, and pharma stocks. The BSE Sensex declined 372 points to 61,561, while the Nifty50 dropped 105 points to 18,182 and formed a bearish candlestick pattern on the daily charts making lower top lower bottom for the second straight session. "A long negative candle was formed on the daily chart with a lower shadow. Technically, this pattern signals a short-term reversal in the market on the downside. After the formation of a bearish engulfing pattern on Tuesday, the market seems to have declined with follow-through action post bearish pattern," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said. Immediate support has been broken on the downside at 18,250 levels and the Nifty is now sliding down to another crucial support of 20-day EMA (exponential moving average) around 18,050 levels. "The recent swing high of 18,458 of May 15 could be considered as a new higher top of the sequence. The present weakness could be in line with another higher bottom formation at the lows. Immediate support is at 18,050 levels," Shetti said. Source - MOney Control
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