Trade Setup for Thursday: Top 15 things to know before Opening Bell
The index stayed above its crucial support of 10,400 but most technical experts feel that the momentum is stalling and investors should trade with a strict stoploss below 10,350 for all long positions.
The Nifty which started on a muted note dipped below key support levels in intraday trade on Wednesday before bulls took control and pushed the index above 10,400 levels for the second consecutive day in a row.
The index formed a ‘Hanging Man’ like pattern on the daily candlestick charts which is a bullish reversal pattern. The index bounced back after touching its short-term moving average (5-DEMA) placed at 10,360.