Daily Stock Market Report: August 24
Despite a breakout from the trendline, selling pressure forced the Nifty50 to give up gains and ended with a -0.29%.
Nifty opened on a positive note today with a gap up of 91.15 pts (0.47%), post which it made an intraday high in the first hour. However, the bears stepped in and dragged the index down.
By the closing bell, the Nifty50 was down by 154.75 pts from its opening level, closing almost at the day’s lows with a negative 0.29% return.
On the bright side, the Nifty50 breached and opened above the trendline, indicating a clear initial direction. However, the selling led the index to return to the trendline.
Once resistance is breached, it often transforms into support, which means the current support might be around the trendline, near the swing lows at 19360 levels.
Spot Signals
Below is the Top Mover of our Live Market Feed:
- RKFORGE (+2.39%)
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Quant Signals
Today, the mean-reversion models outperformed the Index.
While 'Quick Short' concluded the day with a modest gain of +1.02%, 'Back Up' achieved a substantial +4.97%.
Data Points
The highest OI for both CE & PE remains at 19500 & 19400 levels.
This means markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
OI shifts are expected to take place in the upcoming sessions, and data suggests that there could be a sideways movement between 19500 - 19400 levels.
Conversely, a gap / down could lead to an OI shift, which could shape the next course of direction.
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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