Nifty 50 opened almost flat with a negligible gap down of 4.70 pts (-0.02%). Following yesterday’s rapid decline, the index continued its downward trend throughout the trading session.
As the trading day concluded, Nifty was down by 148.45 pts, a loss of -0.69%.
- Nifty 50 reversed direction from the resistance level, reaching the support level as outlined in yesterday's report.
- The support, once broken, turns into resistance, which we have witnessed in the hourly time frame. Hence, the outlook for the upcoming session is to sell on the rise.
Today, there were no significant news events that influenced stock movements.
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Under the most popular configuration:
- 'Quick Short' recorded a profit of +1.98% for the day.
- While 'Back Up' ended the day with a negative return of -0.65%.
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- COALINDIA (+25.5% in 2 months)
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Coming back to the report…
The highest CE OI is 21600, 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 level is at 21500 - 21450 level while the resistance is at 21700.
If the index breaches the support, it may further decline to around 21300 levels.
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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.