Nifty 50 opened on a positive note with a gap up of 60.25 pts or +0.28%. After the opening, the index remained range-bound for the first few hours and continued its uptrend, ultimately closing higher at 21778.70 with a gain of 123.95 pts or +0.57%.
- Despite today's upward movement, the RSI is nearing a flattening point, indicating a potential momentum exhaustion. However, it's important to note that Bearish Divergence is already evident.
- As mentioned in yesterday's report, it is not necessary to short the markets immediately. Instead, we should focus on tightening the stop-loss and staying cautiously long.
- Markets have been kind for the last 2 months for Trend-Following traders. Trailing stops as long as the trend persists would be an ideal strategy now.
Below is the Top Mover from our Live Market Feed:
- POWERGRID (+2.16%)
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Under the most popular configuration:
- 'Quick Short' recorded a gain of +0.38% for the day.
- While 'Back Up' didn't generate a signal today as it didn't meet its quantitative metric.
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Here are today's top positions that closed and met its target:
- SHREECEM (+21.6%)
- TATAMOTORS (+21.4%)
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Coming back to the report…
The highest CE OI is 22000, and the PE is at 21500 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 the upcoming session rests at the 21600 level, while the resistance level is at 21800.
Considering that we are approaching the month's last trading day, do you think the Nifty 50 will close above 22000?
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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.