Daily Stock Market Report: January 02
A double-top reversal pattern has been observed on the hourly time frame, typically indicating a potential short-term trend reversal to the downside.
Nifty 50 opened almost flat with a negligible gap-up of 9.45 pts (0.04%). Following yesterday’s rapid decline, the index continued its downward trend throughout the trading session.
As the trading day concluded, Nifty was down by 76.10 pts, a loss of -0.35%.
Key Observations:
- A double-top reversal pattern has been observed on the hourly time frame, typically indicating a potential short-term trend reversal to the downside, which is essentially a correction within the primary uptrend.
- The last few hours rebound has reached the resistance and is currently hovering around it, and this same level will continue to act as resistance in the upcoming session.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- GNA (+1.04%)
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Quant Signals
Under the most popular configuration:
- 'Quick Short' recorded a loss of -2.34% for the day.
- While 'Back Up' didn't generate a signal today as it didn't meet its quantitative metric.
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Broker Signals
Here are today's top positions that closed and met its target:
- DCBBANK (+23.8% in 2 months)
- GRASIM (+18.7% in 4 months)
More signals recommended by brokers are currently live. Check them out below.
Coming back to the report…
Data Points
The highest CE OI is 21800, and the PE is at 21500 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
The immediate support for tomorrow’s session is at the day’s low. If the 21550 level is breached, it may drag the index to 21450 levels.
On the other hand, the resistance is around 21700 levels. If it gets past the resistance, it may test the all-time highs.
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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.
