Daily Stock Market Report: February 29
It seems that the index is trapped in a range, so we're adopting a sideways stance as long as it remains between 22300 and 21850.
Nifty 50 opened barely unchanged with a gap down of -15.95 pts (-0.07%). Despite the flat opening, the index dipped in the initial few minutes and found support at the 21850 levels discussed in yesterday’s report.
As the trading day wrapped up, Nifty 50 concluded at 21982.80, with a gain of 31.65 pts or +0.14%.
Key Observations
- Nifty 50 found support at the 21850 level, then turned around and ended the day near the 22000 level.
- It seems that the index is trapped in a range, so we're adopting a sideways stance as long as it remains between 22300 and 21850.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- BEML ( -2.77%)
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Quant Signals
Under the most popular configuration:
- Both ‘Quick Short’ and ‘Back Up’ ended the day negatively with -1.12% and -0.75% respectively.
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Broker Signals
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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 immediate resistance for the upcoming session is around the 22100 level. If this level is surpassed, Nifty 50 may retest 22250.
On the other hand, support lies at 21850 levels; if this level is breached, 21500 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.
