The Nifty 50 opened on a positive note today with a gap of 42.75 pts (0.22%). However, it gave up all its gains right after the market opened and marked the low in the first hour. Post which, the price moved up throughout the day and closed in green for the day with a gain of 0.25%.
Overall, today’s up move was solely because of short-unwinding at CE 19400 levels which was the highest OI built up on the CE side as of yesterday.
Over the past 2 months, FIIs have been net sellers, and for a healthy upmove, the addition of fresh long positions is essential.
However, the price in the hourly chart is moving into a small consolidation phase, revolving between 19500-19250 levels. The markets might remain sideways as long as the price stays within this channel.
Below is the Top Mover of our Live Market Feed:
- BEML (+3.87%)
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Without any significant gap-down openings today, Back Up didn’t generate any signals, as they didn't meet their Quantitative metrics. On the other hand, Quick Short closed in green with a return of 0.63%.
OI Shift has taken place on the upside today. The max OI for both CE & PE are at 19500 & 19400 levels, respectively.
Levels Worth Monitoring Tomorrow:
To sum it up, the data suggests a sideways-bullish outlook for tomorrow. And the 19500 level might act as a resistance for tomorrow’s expiry as per data.
Expiry traders are expected to keep a close eye on 19500 levels. However, the support is at 19400-19350 levels, from where the markets are expected to revolve 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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