Daily Stock Market Report: February 27
After the market opened, the index found support at the previous day's low before reversing its direction.
Nifty 50 opened on a negative note with a gap down of 31.85 pts (-0.14%). After the market opened, the index found support at the previous day's low before reversing its direction.
As the trading day wrapped up, Nifty 50 concluded at 22198.35, with a gain of 76.30 pts or +0.34%.
Key Observations
- Nifty 50 is currently hovering around the resistance level on the daily time frame.
- We will maintain a cautiously bullish to sideways stance until we observe a more stable trend.
Spot Signals
There was no significant news that impacted the stock movements today.
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Quant Signals
Under the most popular configuration:
- ‘Quick Short’ didn’t generate a signal today as it didn’t meet its quantitative metrics.
- On the other hand, ‘Back Up’ ended the day with an impressive return of +4.84%.
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Broker Signals
Here is the today's Top position that closed and met its target:
- ICIL (+19.7% in 3 months)
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Coming back to the report…
Data Points
The highest CE OI is 22500, 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 immediate resistance for the upcoming session is around the 22200 level. If this level is surpassed, Nifty 50 may retest its all-time high.
On the other hand, support lies at 22140 levels; if this level is breached, 22000 is on the cards.
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.
