Daily Stock Market Report: August 28
The Nifty50 closed the day flat, with a +0.21% move. However, data suggests a bearish move in the upcoming sessions.
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.
Spot Signals:
Below is the Top Mover of our Live Market Feed:
- PATELENG (+2.15%)
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Quant Models
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%.
Data Points
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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