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

It was a good start to the week as the market closed higher, continuing the uptrend for the second consecutive session on May 22, driven largely by technology and metal stocks. Pharma, oil & gas and select FMCG stocks also aided the uptrend.

The BSE Sensex climbed 234 points to 61.964, while the Nifty50 rose 111 points to 18,314 and formed a bullish candlestick pattern on the daily timeframe, negating lower highs and lower lows formation of previous four straight sessions.

"Zooming into 15 minutes chart, we observe that Nifty has reversed its recent short-term downtrend. The reversal was confirmed when the Nifty took out the previous swing high of 18,186 last Friday. Further upsides are now likely once the immediate resistance of 18,335 is taken out. Crucial support is now at 18,178," Subash Gangandharan, Senior Technical and Derivative Analyst at HDFC Securities said.

On the daily chart, he observes that Nifty found support near the 20-day SMA (simple moving average) and has bounced back in the last two sessions, indicating the uptrend looks set to continue.

"Immediate upside target for the Nifty is at 18,459 once the immediate resistance of 18,335 is taken out," Subash said.

The broader markets also joined bulls as the Nifty Midcap 100 and Smallcap 100 indices gained six-tenth of a percent respectively, but the overall market breadth was equal.

Note: The open interest (OI) and volume data of stocks in this article are the aggregates of three-month data and not just the current month.

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