Tech View: Nifty forms a long bull candle ahead of monthly expiry. What traders should do on Thursday

Nifty on Wednesday formed a long bull candle on the daily chart ahead of the November month derivative expiry and ended 207 points higher.

The short-term trend of Nifty continues to be positive. Having witnessed a decisive upside breakout of 19,900 levels, there is a possibility of continuation of sharp upside momentum for Nifty in the coming sessions. One may expect the formation of new all-time highs above 20,250-20,350 levels in the next few sessions. Immediate support is placed at 19,950 levels, said Nagaraj Shetti of HDFC Securities.