Trading setup for Thursday The top 15 things you need to know prior to Opening Bell

Based on these charts of pivots, primary base level to support the Nifty is at 16,497. It is followed by 16,388. If the Nifty index is moving up then the main resistance levels to look out for are 16,697 as well as 16,787.


The market slowed some losses in the late trading with oil prices reaching new highs of 8 years following the conflict that raged between Ukraine and Russia escalated. In the end, the benchmark indices closed with a more than a tenth decline on March 2 which was influenced by financials and banking auto, pharma and a few IT stocks.

The BSE Sensex fell 778 points to 55,469 and the Nifty50 fell by 188 points, bringing it to 16,606 and resulted in an Doji type design on daily charts, as the index recovered from losses and closed at or near the opening loss.

“Normally the formation of these candles following an appropriate up or down move may indicate imminent trend reverses. When this candle is formed within a high-low range, the value of this pattern might be less. This could therefore be part of a small range movements that are near the 16,800 level,” says Nagaraj Shetti Technical Research Analyst at HDFC Securities.

According to Shetti the lower top formation remains intact as seen on the daily charts. Monday’s high of 16,815 can be regarded as an upper lower top in the sequence. “The critical overhead resistance in the 16,800-17,000 levels is still in place in accordance with the concept of changing polarity, and is likely to be a make-or- break point for the market in the coming days. An enduring buying opportunity could be seen at a level that is just above 17,000.”

But, a significant fall below the support level of 16,480 might open the door to more weakness to the 16,200 level in the near-term.