Nifty 50 opened on a positive note, experiencing a gap up of 67.25 pts (+0.31%). Despite the favorable opening, the index remained range-bound throughout the session. However, in the last hour, it breached the support level discussed in the latest report and was dragged lower to 21771.70, with a loss of 82.10 pts or -0.38%.
- Nifty 50 has broken important support that we discussed last Friday and the set-up is no longer bullish. We now lean towards a sideways to a bearish stance.
- Another concerning factor is that the RSI has failed to cross 60, followed by multiple bearish divergences. This suggests that the bull trend has come to an end and indicates a potential correction ahead.
Below is the Top Mover from our Live Market Feed:
- AHLUCONT (-1.90%)
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Under the most popular configuration:
- ‘Quick Short’ ended the day with a negative return of 3.48%.
- While ‘Back Up’ recorded a gain of +1.01%.
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Here is the today's top position that closed and met its target:
- KPIL (+30.5% in 5 months)
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Coming back to the report…
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
Once the support is broken, it becomes resistance; hence, the level of 21800 will act as resistance in the upcoming session.
Conversely, 21650 serves as the immediate support. If this level is breached, the index will be dragged lower to 21500.
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.