Trade Setup For Oct 16: Nifty Poised For Further Upside; Finds Key Support At 25,200 (Image: Unsplash) Show Quick Read Summary is AI Generated. Newsroom Reviewed

The NSE Nifty 50 will continue its upward movement as the index "moved up smartly" and shrugged off the negativity from the previous session, according to analysts.

The daily chart indicates that Nifty has formed a bullish candle with a higher high and higher low, signalling lack of follow through to previous session's bearish engulfing candle, highlighting continuation of the positive momentum, according to Bajaj Broking.

"The index appears comfortable trading above the 21-EMA (25,061), indicating a bullish trend. In the short term, the index may move towards 25,500–25,600," said Rupak De, senior technical analyst at LKP

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