Daily Stock Market Report: February 06
Today’s recovery doesn’t look promising, as the rally was staged with narrow-range candles.
Nifty 50 opened on a positive note with a gap up of 53.50 pts (+0.25%). Following yesterday’s fall, the index staged a recovery and maintained positive momentum throughout the day.
As the trading day wrapped up, Nifty 50 concluded at 21929.40, with a gain of 157.70 pts or +0.72%.
Key Observations
- Today’s recovery doesn’t look promising, as the rally was staged with narrow-range candles.
- It appears that the index is stuck in a range between 22000 and 21700. Selling at resistance and buying at support would be an ideal strategy in the current market setup.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- WELCORP (-3.07%)
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Quant Signals
Under the most popular configuration:
- Both ‘Quick Short’ and ‘Back Up’ recorded a profit of +0.48% & +0.13% respectively.
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Broker Signals
Here is the today's top position that closed and met its target:
- MAHLIFE (+21.9% in 6 months)
- ABBOTINDIA (+19.2% in 5 months)
- COALINDIA (+17.6% in 1 month)
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Coming back to the report…
Data Points
The highest CE OI is 22200, 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 markets are range-bound, with immediate resistance around 22000 and support around 21700. Expect no major moves as long as the index remains within this range.
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.
