Daily Stock Market Report: August 16
Indian stock markets opened with a gap down, but prices moved higher and closed there. Data suggests a slightly sideways to bearish movement for tomorrow.
Nifty opened with a gap down of around 65.55 pts (-0.34%) and made an intraday low a minute after the market opened, and started to head higher until market close. It closed almost at its highs with an intraday move of 30.45 pts, closing with 0.16%
In the daily timeframe, the Nifty 50 continues to respect the support at 19300 - 19250 levels, which are previous swing lows & EMA 50 which coincide together, adding more conviction to these levels. As long as Nifty holds these levels, there's no need for alarm, and we can foresee a sideways to bullish trend in the market.
Spot Signals:
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Quant Models:
Coming back to the report, Quick Short didn’t emit a signal today as it didn’t meet its quantitative metrics. However, Back-Up ended the day with a loss of -1.34%.
Did you know?
Trending Ten position was closed today and the next signal will be sent out by 8:00 Pm, today (16th August).
Remember to put in an ‘After Market Order’ (AMO) if you're unable to trade during market hours.
Data Points:
The highest CE OI is at 19600 and PE is at 19300 levels. Markets are expected to revolve around these levels on this weekly expiry.
Levels worth monitoring tomorrow:
Overall, the data looks slightly bearish, with a significant build-up of Open interests at 19600-19500 levels. Currently Nifty is at 19447 levels, and any up move towards 19500 is expected to halt. The downside support remains at 19400-19300 levels.
On the other hand, if there’s a gap-up opening above 19500 tomorrow, it will be favorable to buyers, as prices are expected to shoot up in case CE writers start unwinding, paving a path for CE buyers to make some money on this expiry.
However, data seems like the markets might remain slightly sideways to bearish for tomorrow.
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.
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