Daily Stock Market Report: December 05

The RSI indicator is at overbought levels on the daily time frame and extremely overbought at lower time frames. Read the full report to understand its implications.

Daily Stock Market Report: December 05

Nifty 50 opened positively with a gap-up of 122.10 points (+0.59%). Despite the favorable opening, the index remained within a narrow range for the first few hours.

It later surpassed the highs established in the first half and concluded at 20,855.10, recording a gain of +0.81%.

Key Observations:

  • The markets witnessed another surge today, reaching a new high once again.
  • The immediate support for the upcoming session is at today’s low around the 20700 level.
  • The RSI indicator is at extremely overbought levels, suggesting that we may expect sideways movement or a correction in the upcoming sessions. Nonetheless, the setup still favors buying on the dip.

Spot Signals:

Below is the Top Mover from our Live Market Feed:

  • AVG (+6.18%)

Quant Signals

Under the most popular configuration:

  • ‘Quick Short’ ended the day in green with +0.51% today.
  • 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:

  • HINDPETRO (+31% in 26 days)
  • MAXHEALTH (+26.7% in 3 months)
  • GAIL (+23.3% in a month)

All the remaining signals recommended by brokers are currently live.

However, a popular broker has identified a new opportunity with the potential for a double-digit gain. Check it out on the app.

Coming back to the report…

Data Points


Calls - Strike Price

Puts - Strike Price

Max OI



The highest CE OI is 21000, and the PE is at 20700 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.

Levels Worth Monitoring Tomorrow

The RSI indicator is at overbought levels on the daily time frame and extremely overbought at lower time frames. This setup doesn’t favor buying at current market levels. Instead, buying on dips will provide a more favorable risk-reward ratio.

The indication of extremely overbought levels in the RSI suggests that the index may move sideways or correct in the upcoming session to relieve the overbought conditions.

Watch out for today’s low for intraday price halts, which coincides with OI data.

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.

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