Daily Stock Market Report: December 15
Nifty 50 continues to move in gaps and closing at record highs. Read the full report to know more…
Nifty 50 opened on a positive note with a gap up of 104.75 pts (+0.49%). Though the index corrected in the initial few minutes, it was seen as an opportunity for the bulls to add long positions. The index marked the day's low within an hour and embarked on an upside journey, eventually closing at new highs.
As the trading wrapped up, Nifty 50 concluded at 21456.65, with a gain of 273.95 pts or +1.29%.
Key Observations:
- Nifty 50 continues to move in gaps, and closing at record highs. However, trying to catch a top now is not favourable to bulls.
- However, in the hourly timeframe, there's still a divergence between the price and the RSI indicator. Buying on dips would continue be an ideal strategy for the current setup.
Spot Signals
Below are the Top Movers from our Live Market Feed:
- JKIL (+7.79%)
- SMSPHARMA (+2.58%)
Quant Signals
Under the most popular configuration:
- 'Quick Short' ended the day in green with +1.70%.
- On the other hand, 'Back Up' didn't generate a signal today as it didn't meet its quantitative metric.
Broker Signals
Here are today's top positions that closed and met its target:
- CHALET (+24.8% in 3 months)
- GET&D (+19% in a month)
- EQUITASBANK (+18.7% in 4 months)
All the remaining signals recommended by brokers are currently live.
Coming back to the report…
Data Points
The highest CE OI is 21500, and the PE is at 21300 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, 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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