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

The market succumbed to selling pressure for the second consecutive session with the benchmark indices falling six-tenth of a percent on May 17, dragged by technology, metal, banking & financial services, and pharma stocks.

The BSE Sensex declined 372 points to 61,561, while the Nifty50 dropped 105 points to 18,182 and formed a bearish candlestick pattern on the daily charts making lower top lower bottom for the second straight session.

"A long negative candle was formed on the daily chart with a lower shadow. Technically, this pattern signals a short-term reversal in the market on the downside. After the formation of a bearish engulfing pattern on Tuesday, the market seems to have declined with follow-through action post bearish pattern," Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.

Immediate support has been broken on the downside at 18,250 levels and the Nifty is now sliding down to another crucial support of 20-day EMA (exponential moving average) around 18,050 levels.

"The recent swing high of 18,458 of May 15 could be considered as a new higher top of the sequence. The present weakness could be in line with another higher bottom formation at the lows. Immediate support is at 18,050 levels," Shetti said.

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Day trading guide for today: Five buy or sell stocks for Thursday — 18th May | Mint

Day trading guide for today: On account of weak global market sentiments due to US debt ceiling crisis, Dalal Street finished lower for second straight session on Wednesday. 50-stock index Nifty corrected 104 points and ended at 18,181 levels, 30-stock index Sensex lost 371 points and finished at 61,560 mark whereas Nifty Bank index lost 205 points and closed at 43,698 levels. Except for FMCG and auto, all sectors ended in the red. However, bulls continue to bet high on small-cap stock as the small-cap index finished 0.25 per cent higher and outperformed mid-cap index that lost 0.16 per cent on Wednesday session.

On outlook for Nifty today, Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "Immediate support for NSE Nifty has been broken on the downside at 18,250 levels and the Nifty is now sliding down to another crucial support of 20 Day EMA around 18,050 levels. The positive chart pattern like higher tops and bottoms continued as per daily timeframe chart. The recent swing high of 18,458 of 15th May could be considered as a new higher top of the sequence. The present weakness could be in line with another higher bottom formation at the lows. Immediate support for Nifty today is placed at 18,050 levels."

On reasons for weakness in Indian stock market today, Siddhartha Khemka, Head - Retail Research at Motilal Oswal said, "Global markets are seeing a selloff as the debt ceiling negotiations continue. Investors remain cautious as the US faces the possibility of defaulting at the start of June," adding, "We expect some consolidation over the next few days before a fresh leg of the rally starts."

Unveiling intraday trading tips for Thursday, Ruchit Jain, Lead Research at 5paisa.com said, "Traders are advised to keep a buy on dip approach until the index breaks any important supports."

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