Nifty opened today with a gap down of around 63.50 points (-0.33%) and moved sideways throughout the day before closing almost at its opening level with an intraday move of 55.10 pts, closing with -0.28%
- Today's price movement forms a Doji pattern on the daily chart, highlighting market indecisiveness, and its occurrence near support levels suggests the absence of significant selling pressure.
- Nevertheless, the Doji pattern presents a glimmer of hope for market participants. Yet, a decisive breakthrough above the falling trendline is essential to trigger a substantial upward momentum.
- Conversely, a breach of this support level (19300 - 19250) might lead to a short-term correction.
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Returning to the report, Quick Short didn’t emit a signal today as it didn’t meet its quantitative metrics. However, Back-Up closed in with a soaring return of +7.11%.
Did you know?
High Five position was closed today, and the next signal will be sent out by 8:00 Pm today (18th August).
Remember to put in an ‘After Market Order’ (AMO), and enjoy your weekend.
The highest CE OI remains at 19400, and PE 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, the data looks slightly sideways to bearish, and the Nifty 50, which is currently at 19281.50 levels, may face some resistance if it moves towards 19400.
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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