Daily Stock Market Report: February 02
The decline from today's peak levels raises concerns, suggesting that the bulls lacked the strength needed to uphold the market.
Nifty 50 opened on a positive note with a gap up of 115.30 points (+0.53%), surpassing the significant resistance level of 21800 discussed in yesterday’s report. It went on to reach a record high before turning around, almost retracing to its opening levels.
As the trading day wrapped up, Nifty 50 concluded at 21853.80, with a gain of 156.35 pts or +0.72%.
Key Observations
- The decline from today's peak levels raises concerns, suggesting that the bulls lacked the strength needed to uphold the market.
- The former resistance around 21800 levels has now turned into support. Staying cautiously bullish above this support level is advisable, considering the significant fall witnessed from the highs.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- PRAKASH (-3.26%)
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Quant Signals
Under the most popular configuration:
- ‘Quick Short’ recorded a loss of -2.91% for the day.
- On the other hand, ‘Back up’ closed positively with a return of +0.23%.
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Broker Signals
Here is the today's top position that closed and met its target:
- GODREJCP (+22.5% in 5 months)
- BANKBARODA (+20.03% in 4 months)
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Coming back to the report…
Data Points
The highest CE OI is 22200, and the PE is at 21600 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
21800 will act as immediate support in the upcoming session; on the other hand, the all-time high will serve as resistance.
The shorter timeframes remain bullish as long as 21800 is intact. If 21800 is breached, we may shift towards a sideways to a bearish stance.
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.
