Daily Stock Market Report: January 05

The narrow ranged candle closing above the resistance doesn’t look promising. Read the full report to know more…

Daily Stock Market Report: January 05

Nifty 50 opened on a positive note with a gap up of 47.15 pts (+0.22%). Although the index opened above the 21700 resistance level, it struggled to maintain the uptrend and eventually slipped below to reach 21640, the support level highlighted in yesterday's report.

As the trading day wrapped up, Nifty 50 concluded at 21710.80, gaining 52.20 pts with a return of +0.24%.

Key Observations:

  • The index managed to close above 21700; however, it failed to sustain above this level in the first half.
  • Nevertheless, the narrow-ranged candle closing above the resistance doesn’t look promising.
  • Momentum must kick in for the uptrend to continue; otherwise, the index may reverse its direction.

Spot Signals

Below is the Top Mover from our Live Market Feed:

  • THEMISMED (-4.52%)

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Quant Signals

Under the most popular configuration:

  • 'Quick Short' recorded a profit of +2.31% 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:

  • JSL (+30.1% in 2 months)
  • INDHOTEL ( +22.3% in 2 months)
  • MGL (+20.1% in 2 months)

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Coming back to the report…

Data Points


Calls - Strike Price

Puts - Strike Price

Max OI



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 21600 level serves as the immediate support, while the resistance is around the 21750 level.

Our outlook for the upcoming session would be cautiously sideways to bullish, as long as we don’t see fresh buying.

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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.