Daily Stock Market Report: February 21
The market's decline was swift, occurring within a few hours, and almost completely erasing the gains of the past three days.
Nifty 50 opened on a positive note with a gap-up of 51.90 pts (+0.23%). Despite this initial positive opening, it remained range-bound in the first half. However, a significant downturn was observed during the latter half of the session.
As the trading day wrapped up, Nifty 50 concluded at 22055.05, with a loss of 141.90 pts or -0.64%.
Key Observations
- As noted in yesterday’s report, we were anticipating either a correction or sideways movement today.
- True to expectation, the market's decline was swift, occurring within a few hours, and almost completely erasing the gains of the past three days.
- This led to the formation of a Bearish Engulfing pattern on the daily time frame.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- STLTECH (+2.99%)
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Quant Signals
Under the most popular configuration:
- ‘Quick Short’ ended the day with a negative return of 1.59%.
- While ‘Back Up’ didn’t generate a signal today as it didn’t meet its quantitative metrics.
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Broker Signals
The recommended signals by brokers are currently live. Check them out below.
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 swift fall has halted at the major support which lies around 22000, which will continue to act as support for the upcoming expiry. Should this level fail to hold, the next level of support at 21950 will likely be tested.
On the other hand, 22170 will act as immediate resistance.
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.
