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.

Daily Stock Market Report: August 16

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:

Max OI

Calls - Strike Price

Puts - Strike Price







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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