Daily Stock Market Report: February 15
The lower time frames have turned bullish; however, this sentiment is not reflected in the higher time frames.
Nifty 50 opened on a positive note with a gap up of +66.50 pts (+0.30%). Despite the positive opening, the index dipped in the initial few minutes; however, it found support at prior resistance levels and continued its upward momentum, following yesterday's trend.
As the trading day wrapped up, Nifty 50 concluded at 21910.75, with a gain of 70.70 pts or +0.32%.
Key Observations
- In the hourly time frame, the old resistance has been broken and has now formed support.
- The lower time frames have turned bullish; however, this sentiment is not reflected in the higher time frames.
- It appears that the markets are likely to test 22000 again in the upcoming sessions.
- Until we see a decisive close above 22000, we maintain a sideways stance.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- GAEL (-2.07%)
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Quant Signals
Under the most popular configuration:
- Both ‘Quick Short’ and ‘Back Up’ ended the day with a negative return of 0.94% and 0.6%.
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Broker Signals
Here is the today's top position that closed and met its target:
- KPIL (+51.8% in 3 months)
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Coming back to the report…
Data Points
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
The immediate support for the upcoming session is around 21800. As long as this level holds, the testing of 22000 will be just a matter of time.
22000 will present a significant challenge for the bulls. Let's see whether we witness another sell-off or a strong breakout above this level.
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.
