Daily Stock Market Report: December 11

Nifty 50 opened flat with a negligible gap down of 4.10 pts (-0.02%). However, the price attempted to cross the 21000 level in the initial few minutes but failed, and moved sideways.

After multiple failed attempts to cross 21000, the index concluded at 20994.50 with 27.70 pts up or a gain of +0.13%.

Key Observations:

• In the last two days, the price has been forming higher highs and lower lows, a classic textbook explanation of an uptrend. However, it lacks momentum and is forming narrow-range candles.
• Bears are holding their fort around 21,000, not allowing the bulls to close above their territory. Meanwhile, bulls are also holding the lows around 20,850.

Spot Signals

Today, there were no significant news events that influenced stock movements.

Quant Signals

Under the most popular configuration:

• ‘Quick Short’ ended the day in green with +1.16%, while 'Back Up' too ended the day with +0.29%.
• On the other hand, 'BTST' also closed with a gain of +0.42%.

Broker Signals

Here is today's top position that closed and met its target:

• SOBHA (+66.5% 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 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

Our outlook remains the same,  If the index surpasses 21000, intraday longs (scalping) can be considered. However, avoid carrying longs if you plan to enter now, as it doesn't offer a favorable risk-reward ratio.

However, the immediate support is now at 20900 which coincides with both data & price, adding more conviction to these 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 you make any investment decisions.

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