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

The market ended in positive territory for the first time in the past four sessions, hovering within the range of 19,500-19,850 on October 17. The Nifty50 reached the previous week's high but encountered resistance at 19,850. Experts suggest that if the index can decisively close above this level, it may aim for the 19,000-20,000 range, provided it maintains immediate support at 19,750-19,700 levels.

The BSE Sensex gained 261 points to reach 66,428, while the Nifty50 climbed 80 points to 19,812. The Nifty formed a bearish candlestick pattern with a minor lower shadow on the daily charts, indicating that it closed lower than its opening levels but maintained a higher high, higher low formation after an Inside Bar and Doji candlestick pattern formation in the previous session.

Technical analyst Nagaraj Shetti of HDFC Securities notes a positive smaller-degree chart pattern with higher tops and higher bottoms on the daily timeframe chart. The Nifty's short-term trend remains positive with range-bound action. However, the road ahead is expected to be challenging on the upside, with multiple resistance levels at 19,850 (previous swing high), 19,950 (up trendline hurdle), and 20,115 (previous opening down gap) in the near term. Immediate support is anticipated at 19,700 levels.

The broader markets continued their upward trajectory, with the Nifty Midcap 100 and Smallcap 100 indices posting gains of 0.35 percent and 0.88 percent, respectively, displaying positive breadth.

Key Points to Watch:

Support and resistance levels on Nifty

Nifty Bank's performance and levels

Call and put options data

Stocks with high delivery percentage

Stocks with long build-up, long unwinding, short build-up, and short-covering

Bulk deals

Results announcements for October 18

Stocks in the news

Fund flow data (FII and DII)

Stocks under F&O ban on NSE