Daily Stock Market Report: February 01
Despite the positive opening, Nifty 50 failed to sustain an upmove above 21800 and was dragged lower until the closing bell.
Nifty 50 opened on a positive note with a gap-up of +54.95 pts (+0.25%). Despite the positive opening, the index failed to sustain an upmove above 21800 and was dragged lower until the closing bell.
As the trading day wrapped up, Nifty 50 concluded at 21697.45, with a loss of 28.25 pts or -0.13%.
Key Observations
- Nifty 50 tested the 21800 and still facing a challenge around this level. However, the turn-around from this level was halted around 21650, an important support level to watch out for in the upcoming session.
- As long as the 21650 level is held in the upcoming session, we can expect the index to move beyond 21800.
Spot Signals
Today, there were no significant news events that influenced stock movements.
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Quant Signals
Under the most popular configuration:
- Both ‘Quick Short’ and ‘Back Up’ ended positively with a gain of +2.14% & +0.11% respectively.
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Broker Signals
Here is the today's top position that closed and met its target:
- POLICYBZR (+27.7% in 5 months)
- PNCINFRA (+24.1% in 4 months)
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Coming back to the report…
Data Points
The highest CE OI is 22000, and the PE is at 21700 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
The immediate resistance for the upcoming session will remain around 21800 levels; on the other hand, 21650 will act as important support.
As long as 21650 is held, we maintain a cautious bullish stance and anticipate the index breaking above the resistance level.
If 21800 is crossed, it may encounter another resistance around the gap level, presenting a challenge to bulls.
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.
