The Nifty50 opened on a positive note today with a gap down of 31.55 pts (0.17%). After trading within a range for the first hour, it gave a breakout on the higher side but ended the day close to where it started, with a 0.21% gain.
- The Nifty50 also turned around from its previous support level of around 19360 levels, which is currently acting as resistance.
- Moving further, if the support between 19230 and 19200 levels is broken, the index may drop to 19000.
- On the other hand, in order to go higher, the index needs to break through the current resistance level.
Below is the Top Mover of our Live Market Feed:
- PATELENG (+2.15%)
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Returning to the report, 'Back Up' didn’t emit a signal today as it didn’t meet its quantitative metrics. However, 'Quick Short' closed with a negative return of 0.92%.
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.
Levels Worth Monitoring Tomorrow
- For tomorrow, data suggests that there could be a bullish move as there is notable PE writing witnessed at 19300 levels.
- Keep an eye on the 19230-19200 levels as potential points where the intraday movement might pause tomorrow.
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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