Daily Stock Market Report: August 31
The Nifty50 opened with a gap but was sold into immediately, making a hammer pattern. Learn what this means and more here.
The Nifty50 opened with a gap-up of 28.10 pts (0.15%) but sold off throughout the session.
Notably, the support around 19250-19200 levels was held despite the selling pressure.
Overall, the Nifty 50 ended the day by falling 93.65 pts, with a negative return of 0.48%.
- During the final two hours of the trading session, two bullish hammer candlesticks emerged around the support range of 19250-19200 levels. This indicates a significant pause in the market's downward movement in the hourly timeframe, as evidenced by the noticeable long wicks on these candlesticks. Circled in the image below.
- For a potential rebound, it's necessary to surpass the highs of these hammer patterns, typically around the 19300 levels.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- ZENTEC (+3.41%)
Click here to learn more about Spot Signals.
For now, this feature is limited to the beta version. Click the below link if you still haven’t signed up for the beta version.
Quant Signals
While 'Quick Short' concluded the day with a modest gain of +1.49%, 'Back Up' ended up with a loss of -2.78%.
Data Points
The highest CE OI is at 19400, and PE at 19200 levels. This means markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
Looking at the chart, the Nifty50 may halt its downward movement in the upcoming session in the hourly timeframe. Yet, in order for a rebound to occur, it's essential to surpass the 19300 levels.
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.
Interested in getting these reports in your mail? Click on the subscribe button below now!
