Trade setup for Monday: things to know before opening the bell

 Rajesh Palviya of Axis Securities feels that any steady move above 14,700 could lead to a pullback to 14,800-14,900 and this should be used as an exit opportunity for short-term traders.

The market remained volatile throughout the April 16 trading session and closed with a moderate gain, supported by positive global signals. Auto toe, FMCG, IT, metals and pharma stocks supported the market, while banks were under pressure.

The BSE Sensex rose 28.35 points to 48,832.03, while the Nifty rose 50. 36.40 points to 1,690 .. to 0 and formed a dodgy pattern on the daily chart. The index was down 1.5 per cent for the week and also saw the formation of a dodgy type pattern on a weekly basis.

"The Nifty 50 has failed to outperform the 'bearish gap' area in the range of 14,785-14,652, which has become a critical resistance zone in the near term. "It's a critical support zone to watch," Rajesh Palviya, head of research, told MoneyControl. On the negative side, any breach of the intraday support zone at the 14,550 level could signal a weakness towards the 14,400-14,300 level, Palviya said.

The broader markets outperformed the frontliners as the Nifty's midcap 100 index rose 0.98 per cent and the smallcap 100 index rose 1.13 per cent.

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Note: The open interest (OI) and volume data of the stocks given in this story is a sum of only three months of data, not just the current month.

Key support and resistance levels on the Nifty

According to the pivot chart, the main support level for the Nifty has been kept at 14,551.97, followed by 14,486.13. If the index moves forward, the main resistance levels to watch out for are 14,690.67 and 14,763.53.

Nifty Bank

The Nifty Bank Index fell 135.35 points to close at 31,977.45 on April 16. The critical pivot level, which will serve as a critical support for the index, has been placed at 31,817.8, followed by 31,658.2. The key resistance levels are placed at 32,231.1 and 32,484.8 levels.