Nifty 50 opened on a positive note with a gap-up of 184.05 pts (+0.88), after the US Federal Reserve signaled the end of its tightening cycle and raised expectations of a rate cut in March 2024. The index sustained its momentum, reaching another record high.
As the trading day wrapped up, Nifty 50 ended at 21182.70 with a gain of 256.35 pts or +1.23%.
The major contribution was from the IT stocks.
- Nifty 50 has closed above 21000, and the uptrend continues. Today’s gap will serve as an essential support in the upcoming session.
- However, in the hourly timeframe, there is a divergence between the price and the RSI indicator, which doesn’t favor buying at current market levels. Instead, buying on dips would be an ideal strategy for the current setup.
Today, there were no significant news events that influenced stock movements.
Under the most popular configuration:
- 'Quick Short' recorded a gain of +0.37%.
- While ‘Back Up’ didn’t generate a signal today as it didn’t meet its quantitative metrics.
Here are today's top positions that closed and met its target:
- INDIGO (+19.58% in 4 months)
- BANKBARODA (+12.8% in 26 days)
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…
The highest CE OI is 21500, and the PE is at 20100 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
The immediate support for tomorrow would be today’s gap, which is expected to act as support and consider placing a stop-loss slightly below the low of the gap if you are already holding long positions.
Any dips in the upcoming session will be an opportunity to enter/add long positions.
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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