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Pre-market Setup for Thursday: Things to know before opening bell

The market appears to be in a bearish trend, characterized by the formation of lower highs and lower lows.

Reliance Industries leads Sensex gains

Reliance Industries leads Sensex gains

The market appears to be in a bearish trend, characterized by the formation of lower highs and lower lows. The Nifty50 recently broke below the 20-week Exponential Moving Average (EMA) and August lows, indicating a strong bearish sentiment in the market. Should the Nifty50 drop below 19,000, traders should closely monitor support levels around 18,800-18,900. On the upside, immediate resistance is at 19,300.

On October 25, the BSE Sensex witnessed a decline of 523 points, closing at 64,049, while the Nifty50 dropped by 160 points to 19,122. A significant bearish candlestick pattern suggests a sharp market decline, breaching immediate support levels at 19,300-19,250.

The short-term trend for the Nifty remains negative, with the index currently hovering near the weekly support on the long-term trendline at 19,120. While a minor upward bounce from levels around 19,100-19,000 is possible, a breakdown below 19,000 could potentially lead to further declines towards 18,600.

In the broader markets, the Nifty Midcap 100 and Smallcap 100 indices also experienced declines, albeit to a lesser extent compared to the benchmark indices.

Key trading data for Thursday includes Nifty support and resistance levels, Nifty Bank support and resistance levels, call and put options data, stocks with high delivery percentages, long build-up and unwinding in specific stocks, short build-up and short-covering in select stocks, and information on company results scheduled for October 26.

Additionally, foreign institutional investors sold shares worth Rs 4,236.60 crore, while domestic institutional investors purchased Rs 3,569.36 crore worth of stocks on October 25.

Please note that the provided information is for reference and not a substitute for professional trading advice. It's crucial to consult with certified experts before making any investment decisions.

Dwaipayan Bhattacharjee
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