Daily Stock Market Report: February 16
Nifty 50 formed a doji pattern on a daily time frame, an indecisive close around the 22000 explains that it lacks strength in the up move.
Nifty 50 opened on a positive note with a gap up of +109.55 pts (0.50%). Following yesterday’s uptrend, the index sustained its momentum for the first half of the day, while the remaining half saw the index trading within a range.
As the trading day wrapped up, Nifty 50 concluded at 22040.70, with a gain of 129.95 pts or +0.59%.
Key Observations
- Nifty 50 opened above the 22000 and failed to sustain the momentum.
- Instead formed a doji pattern on a daily time frame, an indecisive close around the 22000 explains that it lacks strength in the up move.
- The upcoming session may provide clarity, potentially leading to either a follow-through or a turnaround from this point onward.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- ZFCVINDIA (+1.46%)
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Quant Signals
Under the most popular configuration:
- ‘Quick Short’ ended the day on a green note with a return of +3.63%.
- On the other hand, 'Back Up' didn’t generate a signal today as it didn’t meet its quantitative metrics.
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Broker Signals
Here is the today's top position that closed and met its target:
- NCC (+50.6% in 3 months)
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Coming back to the report…
Data Points
The highest CE OI is 22100, and the PE is at 22000 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
The Nifty 50 is currently hovering around 22000, and as long as the index stays above today’s gap level, we will remain cautiously bullish to sideways.
If the gap level is breached, the index will be dragged down to the 21850 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.
