Nifty began nearly unchanged at (-0.07%,) reaching an intraday high shortly after the market opened. Soon after that, it gave up its gains and declined steadily.
Post lunch, markets remained sideways until close. All in all, Nifty closed in the red with a loss of -0.51%.
As stated in yesterday's Market Report, Nifty started off on a bearish note, and it did not surpass the 19500 level. Click here to review yesterday’s report.
In the daily and hourly timeframe, Nifty’s support remains at 19300 - 19250 levels. A breakout over the falling trendline is necessary for any meaningful up move from here. If this support is breached, there could be a potential short-term correction that may pause at previous gap levels, often acting as support and resistance in price action theory.
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Quick Short closed with a gain of +1.55%, while Back Up concluded with a decline of -3.44%.
Did you know?
High Five model will send out the exit signal tomorrow (Friday), keep an eye out around 09:15 am. You have the flexibility to square off the position anytime during the day.
The highest CE OI is at 19400, and PE is at 19300 levels. This means markets are expected to revolve around these levels in the upcoming session. Any notable unwinding observed at these levels has the potential to pave the path toward further market movement.
Levels worth monitoring tomorrow:
OI shifts are expected to take place in the upcoming sessions. Overall, data look bearish as decent Call writing is seen at 19400 levels. Nifty 50 is currently at 19365.25 levels, and any up move towards 19400 is expected to halt.
Disclaimer: The opinions expressed in this blog 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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