NSE Nifty close today and trading range for Friday: Here is what HDFC Securities has to say

Indian benchmark equity indices rebounded today from after the previous session sell-off, NSE Nifty posted a sharp rally in the final half hour of trade. The Nifty ended the November F&O expiry on a strong note. At close the Nifty ended up 128.60 points or 1.00% at 12,987.
 
Volumes on the Nifty were below the previous two days volumes. Among indices Metals was the star performer followed by Bank and Pharma.
 
Asian stocks ended largely up while European stocks traded around the flatline on Thursday as investors paused for breath after a global rally in recent sessions. An extension of coronavirus restrictions in Germany and grim economic growth forecasts (GDP growth negative 11.3% in 2020) for the United Kingdom dented sentiments.
 
Nifty once again recovered after falling for a day. This helps traders’ sentiments. 12833-13079 could be the band for the coming session. Markets are in no mood to correct significantly unless there is a negative trigger causing global meltdown.
  
After showing a sharp weakness from the new highs of 13145 on Wednesday, Nifty witnessed a smart comeback on Thursday and closed the day higher by 128 points. After opening on a positive note, Nifty slipped into a minor weakness amidst a range movement in the early to mid part of the session. A sharp upside bounce has occurred from the lows in the mid to later part of the session and the market moved up and closed near the upper end of the day's range.
 
The overall market breadth has turned positive today, after a decline yesterday and broad market indices like midcap 100 and small cap 100 have closed higher by 0.86% and 0.80% respectively.
 
A reasonable positive candle was formed with minor lower shadow. Technically, this pattern indicates a comeback of bulls from the lows, after one session of weakness. The formation of the bearish engulfing pattern of Wednesday has placed again at the verge of negation.
 
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A sustainable move above 13150 levels could negate this bearish pattern completely. Previously, for the few occasions the market has failed to show any follow-through weakness post such bearish engulfing patterns. This is a positive indication and signals the strength of upside momentum in the market.
 
Conclusion: The formation of reversal pattern of Wednesday (bearish engulfing) seems to have not been confirmed, as Nifty bounced back sharply in the subsequent session. This market action could open Nifty to move towards the recent all time high of 13145 levels in the near term. Important support is placed at 12800 levels.