Daily Stock Market Report: January 10
The hammer pattern in the hourly timeframe indicates that the bulls are holding their fort at the support levels and are not prepared to relinquish it easily.
Nifty 50 opened almost flat with a negligible gap down of 15.55 pts (-0.07%). The index witnessed a rapid decline in the first few minutes, dragging it below the support level at 21500. However, the bears soon realized they were trapped as the price reversed direction and continued its upward momentum.
As the trading day wrapped up, Nifty 50 concluded at 21618.70 with a gain of 73.85 pts or +0.34%.
Key Observations:
- Despite the initial sell off, the bulls managed to close the day above the support level.
- However, the price continuous to move sideways with lower high and relatively equal lows, a pattern known as “Descending Triangle”.
- Nevertheless, the hammer pattern in the hourly timeframe indicates that the bulls are holding their fort at the support levels and are not prepared to relinquish it easily.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- DSSL (+2.48%)
Quant Signals
Under the most popular configuration:
- Both ‘Quick Short’ & ‘Back Up’ ended the day with a return of +0.42% & +1.91% respectively.
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Broker Signals
Here are today's top positions that closed and met their targets:
- ADANIPORTS (+18.9% in a month)
- BAJAJ - AUTO (+15.5% in month)
More signals recommended by brokers are currently live. Check them out below.
Coming back to the report…
Data Points
The highest CE OI is 21800, 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 managed to close above the 21500 support level. 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.
On the other hand, if 21750 level is crossed, the uptrend will continue.
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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.
