Daily Stock Market Report: August 29
The Indian stock markets closed flat, and Nifty50 ended with +0.19%. However, data indicates a bearish outlook for the upcoming sessions.
Nifty 50 opened with a gap up of 68.80 pts (0.36%), above its key resistance level and sold off immediately, failing to surpass it, which signifies that bears hold the fort at the moment. Post this, it remained sideways until the market closed with the Nifty50 closing with a positive 0.19% return.
- Overall, it traded within the range of 19380 - 19300 levels.
- The support level remains at 19250-19200 levels, which is expected to halt the falling prices in the upcoming sessions.
Spot Signals
Below are the Top Movers from our Live Market Feed:
- JAMNAAUTO (-1.45%)
2. CAPACITE (+1.02%)
Click here to learn more about Spot Signals.
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Quant Signals
talking about Quant models, 'Back Up' didn’t emit a signal today as it didn’t meet its quantitative metrics. However, 'Quick Short' closed with a return of +2.70%.
Data Points:
The highest CE OI remains at 19500, and PE at 19300 levels. This means markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
In the upcoming session, consider 19300 levels as potential support and 19380-19350 levels as resistance. Also, keep in mind that tomorrow is Wednesday, often referred to as 'Wild Wednesdays'.
Overall, data suggests that there could be a bearish move in the upcoming session.
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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