Nifty 50 opened on a positive note with a gap up of 88.45 pts (+0.41%). The price marked the low of the day in less than a minute and bounced back. It continued its upward trend but soon faced resistance around 21700, a point we discussed in detail in yesterday’s report.
As the trading day wrapped up, Nifty 50 concluded at 21658.60, gaining 141.25 pts with a return of +0.66%.
- Nifty 50 has returned to the resistance level and was unable to surpass it. Following its arrival at the resistance, we noticed the index moving sideways.
- This could be interpreted as supply absorption at the resistance level, where the bears were unable to seize control. Instead, the bulls absorbed the selling pressure, resulting in a sideways movement.
- These are the early signs of a breakout, however, as long as the Nifty stays below 21700, the outlook for the upcoming session would be sideways to bearish.
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- DCMSHRIRAM (+5.41%)
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Under the most popular configuration:
- 'Quick Short' recorded a profit of +0.77% for the day.
- While 'Back Up' didn't generate a signal today as it didn't meet its quantitative metric.
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Coming back to the report…
The highest CE OI is 21700, 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 21640 level; if this level is breached, the index may be dragged to the day’s low.
On the other hand, 21700 will continue to act as resistance. If the resistance is crossed, the index will once again 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.