Daily Stock Market Report: January 08
The index lacked the strength to test the all-time-high resistance and formed a lower high instead. Read the full report to know more…
Nifty 50 opened on a positive note with a gap-up of 36.80 pts (+0.17%). Despite the positive opening, the index failed to sustain its upward momentum and instead reversed, declining all the way down to the support levels.
As the trading day wrapped up, Nifty 50 concluded at 21513 with a loss of 197.80 pts or -0.91%.
Key Observations:
- Despite being in an uptrend, the index lacked the strength to test the all-time-high resistance and, instead, formed a lower high—a classic pattern suggesting a potential halt in the ongoing trend.
- Meanwhile, on the hourly time frame, the price is moving in a range, as illustrated below.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- SOLARINDS (-2.79%)
Quant Signals
Under the most popular configuration:
- 'Quick Short' recorded a profit of +1.32% for the day.
- While 'Back Up' closed with a return of -1.16%.
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Broker Signals
Here are today's top positions that closed and met its target:
- MANAPPURAM (+28.3%)
- EQUITASBANK (+20.9%)
More signals recommended by brokers are currently live. Check them out below.
Coming back to the report…
Data Points
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 index is currently hovering at the support level which is around 21500. On the other hand, the resistance for the upcoming session is at 21770 levels.
Our outlook will maintain a sideways trajectory as long as the support level holds. However, if the support level is breached, the index could be pulled down to 21230 level.
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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.
