Daily Market Report- 30th May

The Nifty opened positively and stayed flat throughout the day. However, tomorrow is an important day for the market to break out on the upside or downside after two days of consolidation.

Daily Market Report- 30th May

Yesterday, the Indian stock market stayed pretty much stagnant, moving into a tight range between 18660-18575.

However, today, the Nifty 50 started the day with a relatively unchanged opening, with a marginal gain of 8 points (0.04%), while the BankNifty experienced a slight dip of -34.55 points (0.08%). However, both the Nifty and BankNifty continued to trade within the same range as the previous day.

Stocks and more:

Stocks that opened today with significant Gap ups & downs are given below:

After significant gaps, prices typically exhibit a tendency to revert back to their mean. If you are interested in profiting from this mean reversion behaviour, it may be an opportunity you are currently missing out on.

Unlock the power of mean reversion with our app's Quick Short and Back Up models.

Visit the respective model details page on the app to delve into more specifics.

Both 'Quick Short' & 'Back Up' ended the day with gains of +1.60% & +0.49%, respectively.

Quick Short:

Back Up:

Models NAV:

Nifty’s Technical & Data Points:

Technical points:

  • Despite the price staying within a specific range, it held onto yesterday's lows. Nevertheless, Doji patterns on the daily time frame indicate a lack of clear direction and uncertainty prevailing in the markets.
  • If 18600 - 18550 levels are taken out, we can expect the market to head towards 18450 - 18400, where the next potential support is located.
  • Currently, 18700 stands as an immediate resistance level. Therefore, if the market attempts an upward movement towards this threshold, it is expected to encounter a halt or pause at that point.

Data Points:

  • The highest OI of CE is at 18800, and PE is at 18300, which remains the same as yesterday. Markets are likely to revolve around these levels for this expiry.
  • A decent CE writing is observed at CE 18700 levels, suggesting a slightly bearish sentiment for the upcoming session.

Levels worth monitoring tomorrow:

Our outlook for tomorrow remains slightly bearish, primarily due to the notable CE writing observed at 18700 levels. It is anticipated that any upward movement towards this level will likely experience a halt. Furthermore, in the event that the levels of 18600 - 18550 are breached on the downside, the market is expected to shift its focus towards the range of 18400 - 18450, which serves as the next support level.

These were some of the pointers based on which we feel that tomorrow is an important day for the market to either break out on the upside or downside.

We would love to know your thoughts. Feel free to share your opinions in the section below.

Will the Nifty break the lows of the trading range?

Disclaimer: The opinions expressed in this section are personal views and should not be considered financial advice. Please do your own research and consult with a professional before making any investment decisions.