The Nifty50 started with a marginal 0.05% change, indicating a relatively stable opening. but as the day progressed, it experienced a temporary decline before bouncing from the support at the 19300 level.
This support at the 19300 level acted as a turning point, propelling Nifty into an upward trajectory.
By the end of the trading session, Nifty50 managed to secure a notable gain of 0.43%, marking a positive closure for the day.
- Once again, the support at 19300 was held strong, which is in line with the hope that the Doji pattern gave on Friday in the daily time frame. However, the big question is, how long will this consolidation last?
- For a decisive move, either support or the falling trendline should be breached.
Below is the Top Mover of our Live Market Feed:
- BHEL (+1.92%)
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Without any significant gap-up/down openings today, neither 'Quick Short' nor 'Back Up' generated any signals, as they didn't meet their Quantitative metrics.
The highest CE OI (Open Interest) remains at 19400, and PE at 19300 levels. Both CE & PE writers are building their positions significantly at these levels.
This means markets are expected to revolve around these levels in the upcoming session. Any notable unwinding at these levels could potentially break the support/resistance in the Nifty50.
Levels worth monitoring tomorrow:
To sum it up, the data suggests there is a likely battle between buyers and sellers at the current levels, leading to consolidation between 19400 to 19300. However, If there's a significant unwinding, it could shape the next market direction.
Until then, take a breather and wait for the chart's direction to become clear.
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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