Nifty 50 opened on a positive note with a gap-up of 18.30 pts (+0.08%). Despite the positive opening, the index stayed below the 21850 level and was dragged below the support around the 21650 level.
As the trading day wrapped up, Nifty 50 concluded at 21616.50, with a loss of 166.45 pts or -0.76%.
- 22000 continues to pose a struggle for the bulls. Click here to read a detailed analysis.
- Until we see a decisive close above 22000, we maintain a mildly bearish to sideways stance.
Below is the Top Mover from our Live Market Feed:
- SURYAROSNI (-3.75%)
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Under the most popular configuration:
- ‘Quick Short’ ended the day with an impressive return of +4.71%.
- While ‘Back Up’ closed negatively for the day with -5.26%.
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Coming back to the report…
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
Nifty 50 failed to surpass 21850 levels, which will continue to act as immediate resistance for the upcoming session.
On the other hand, the support level 21650 was briefly breached and is currently hovering around the same level. A further continuation will drag the index lower to 21450 levels in the upcoming session.
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.