Daily Stock Market Report: February 09

Nifty 50 opened almost flat with a negligible gap up of 9.05 pts (0.04%). The index found support around the 21650 levels which we discussed in yesterday’s report and moved sideways throughout the day.

As the trading day wrapped up, Nifty 50 concluded at 21782.50, with a gain of 64.55 pts or +0.30%.

Key Observations

• 22000 continues to pose a struggle for the bulls. Check out yesterday’s report for a detailed analysis.
• Until we see a decisive close above 22000, we maintain a mildly bearish to sideways stance.

Spot Signals

Today, there were no significant news events that influenced stock movements.

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Quant Signals

Under the most popular configuration:

• ‘Quick Short’ recorded a profit of +0.37% for the day.
• While ‘Back Up’ ended the day with a loss -1.59%.

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Broker Signals

Here is the today's top position that closed and met its target:

• ITDCEM (+25.9% in 2 months)
  

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Coming back to the report…

Data Points

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 resistance for the upcoming session 21850 level, as long as the index stays below this level, we lean towards a bearish to sideways stance for the upcoming session.

Conversely, 21650 serves as an immediate support level in the upcoming session. A breach of this level could pave the way for a move towards 21450.

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.