Daily Stock Market Report: August 30
Despite a strong gap-up opening, the Nifty50 witnessed a strong selling at the end, which led it to lose all the gains.
The Nifty50 opened with a gap up of 90.80 pts (0.47%) and stayed range-bound for a while. However, in the last couple of hours, the index started its downward journey as bears took control.
All in all, the Nifty closed with a mere 0.2%, mainly due to the drop in the last hour.
- In recent times, whenever the Nifty 50 has started with a strong gap-up, it has often witnessed a significant drop. Gaps are circled in the image below
- This phenomenon may continue again, dragging the index for a while. However, the short-term support levels to keep an eye on are around 19250-19200 levels.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- SHAKTIPUMP (+13.38)
Here's a picture that shows the news mentioned above, both before and after the announcement.
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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 +0.26%.
Data Points
The highest CE OI is 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
Overall, the data suggests that there could be a bearish movement, and the pattern that has developed in Nifty 50 could drag Nifty for a while.
Any notable PE unwinding at 19300 levels could further fuel the markets down.
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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