Nifty opened with a gap down of -89.30 pts (-0.46%) and fell further in the first half and remained sideways until close. It also broke the important support of 19300 -19250, ending the day with a negative return of 0.62%.
The next significant point to watch for on the lower side is around the 18900 levels, as this level can act as a support due to the 'Change of Polarity' concept.
- When a resistance level is breached, it turns into a support level in the future. This is often referred to as a 'Change of Polarity.'
Additionally, there are several gaps along the path that might provide pauses. Gaps often act as both support and resistance, and these levels must be keenly watched for intraday halts.
Throughout the day's trading, the Live Market Feed remained calm without any major news shaking the market's course.
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Today, the mean-reversion models outperformed the Index.
'Quick Short' & ‘Back Up’ concluded the day with a gain of +1.37% and +1.18%.
The highest OI for both CE & PE remains at 19300 & 19200 levels.
This means markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow:
Data suggests that there could be a sideways-bearish move in the upcoming session.
However, the gaps are key levels to watch out for the intraday halts.
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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