Trade setup for Monday: Top 15 things to know before Opening Bell

Trade setup for Monday: Top 15 things to know before Opening Bell

The market extended gains for second consecutive session with the benchmark indices rising more than one percent following rally in global counterparts on May 27, the first day of June series. All sectors, barring metals, participated in the run-up with IT being prominent gainers rising 2.5 percent.

The BSE Sensex rallied 632 points to 54,885, while the Nifty50 climbed 182 points to 16,353 and formed a bullish candle, which resembles Hanging Man kind of pattern on the daily charts.

The broader space also joined bull run with the Nifty Midcap 100 and Smallcap 100 indices climbing 1.4 percent each on positive breadth. Nearly three shares advanced for every share declining on the NSE.

The volatility cooled down further to 21.48 levels, declining 5.44 percent which also supported bulls on Friday.

"Albeit bulls made an attempt to recover some of the lost ground, still the index seems to be in a consolidation range as the candle depicted resembles a Hanging Man indicating indecision among market participants. However, a key positive development on the technical charts is the fact that the Nifty closed above 20 days simple moving average (16,277)," said Mazhar Mohammad, Founder & Chief Market Strategist at Chartviewindia.

Interestingly, on weekly charts, the