Daily Stock Market Report: February 20

Nifty 50 opened on a negative note with a gap down of -23.05 pts (-0.10%). However, the initial dip found support around the level we mentioned in yesterday’s report, ultimately leading to yet another record high.

As the trading day wrapped up, Nifty 50 concluded at 22196.95, with a gain of 74.70 pts or +0.34%.

Key Observations

• The Nifty 50 saw a better closing compared to the last three sessions on the daily time frame.
• However, momentum in the lower time frames has extended and is showing bearish divergence.
• These overbought zones are typically relieved when the markets experience either a correction or sideways movement in the short term.

Spot Signals

Below is the Top Mover from our Live Market Feed:

• OIL (-2.95%)
  

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Quant Signals

Under the most popular configuration:

• ‘Quick Short’ closed negatively for the day with -2.43%.
• On the other hand, ‘Back Up’ recorded a gain of +1.70%.

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Broker Signals

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

• TRENT (+5.4% in 11 days)
  

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Coming back to the report…

Data Points

The highest CE OI is 22200, 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 major support for the upcoming sessions is around the 22000 level. Conversely, the new all-time high will serve as resistance.

We maintain a bullish stance as long as the index remains above 22000.

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.