Nifty 50 opened on a positive note with a gap-up of 140.60 pts (+0.65%). Following the initial opening gap, the price showed signs of upward momentum. However, in the 2nd half, the situation quickly shifted as it took a downturn, leading to a rapid and substantial decline.
As the trading day wrapped up, Nifty 50 concluded at 21544.85 with a gain of 31.85 pts or +0.15%.
- Another attempt to test the recent highs has fallen short, indicating a lack of significant momentum in the upward movements.
- The price is not just moving sideways but is also shaping another lower high accompanied by relatively equal lows, thus creating a descending triangle pattern.
- The wide-ranged red candles during the downtrend compared to the narrow-ranged green candles in the uptrend indicate a greater strength among bears and a relative weakness among bulls.
Today, there were no significant news events that influenced stock movements.
Under the most popular configuration:
Both ‘Quick Short’ & ‘Back Up’ ended the day with a negative return of 1.21% & 2.85% respectively.
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- DCBBANK (+39.6% in 2months)
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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 index is currently hovering at the support level which is around 21500. On the other hand, the resistance for the upcoming session is at 21730 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.