Stock Market Analysis

Daily Stock Market Report: December 07

Nifty 50 concluded by closing below the prior day's close, after seven consecutive closes higher than the prior days. Read the full report to know more.

Nifty 50 opened flat today with a negligible gap down of -5.30 points (-0.03%). After the opening bell, the price remained sideways within yesterday’s range while holding the lows from yesterday.

As the trading day concluded, another narrow-ranged candle formed but closed below yesterday’s close, down by -0.17%.

Key Observations:

Nifty 50 concluded by closing below the prior day's close, after seven consecutive closes higher than the prior days, confirming that momentum has worn off.
In the lower time frames, RSI has relieved from overbought levels, suggesting the possibility of the price retesting the all-time high in the upcoming session if the 20850 level is held.

Spot Signals:

Below is the Top Mover from our Live Market Feed:

MARINE (+5.58%)

Quant Signals

Under the most popular configuration:

‘Quick Short’ recorded a loss of -2.26% today.
On the other hand, 'Back Up' closed positively with a gain of +1.45%.

Broker Signals

FORTIS (20.4% in 4 months)

DMART (+14.3% in a month)

BSOFT (+13.2% 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

Nifty	Calls - Strike Price	Puts - Strike Price
Max OI	21000	20900

The highest CE OI is 21000, and the PE is at 20900 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.

Levels Worth Monitoring Tomorrow

Nifty 50 continues to move within a fixed range, and if the current all-time high is breached, it may reach 21000. On the other hand, if the 20850 level is broken, it may drag the index to 20700 levels.

However, going long now doesn’t favour a risk-reward ratio. Instead, sit back and wait as long as the index continues to move sideways or experiences a pullback.

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.