Daily Stock Market Report: December 01

Nifty 50 opened on a positive note with a gap-up of +60.95 pts (+0.3%). The index opened above the resistance level and surpassed the previous all-time high, after which the price settled into a fixed range.

As the closing bell rang, Nifty 50 concluded at 20267.90, with a gain of 134.75 pts or 0.67%.

Key Observations:

• Nifty 50 achieved a new all-time high today, and the closing performance for the day also appears promising.
• The immediate support is at today's opening gap between 20180 and 20160, which may serve as an ideal point to add longs to your existing positions when the index corrects.
• For the upcoming session, consider placing a stop loss slightly below the gap level if you are holding long positions.
  

Spot Signals

Below is the Top Mover from our Live Market Feed:

• ITDCEM (+1.87%)

Quant Signals

Under the most popular configuration:

• 'Quick Short' ended the day in green, with a gain of +1.61%.
• On the other hand, 'Back Up' didn't generate a signal today as it did not meet its quantitative metrics.

Broker Signals

Here are today's top positions that closed and met their targets:

• GOKEX (+22.2% in 29 days)

• MFSL ( +20.6% in 3 months)

• NTPC (+18.9% in 3 months)

All the remaining signals recommended by brokers are currently live.

Coming back to the report…

Data Points

The highest CE OI is 20400, and the PE is at 20000 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.

Levels Worth Monitoring Tomorrow

Nifty 50 is currently in uncharted territory, and the setup still favours buying on the dip. Watch out for any dips around today's opening gap level to add longs.

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 you make any investment decisions.