Daily Stock Market Report: January 11
Although the index relinquished its early gains in the first half, a notable turnaround occurred during the second half
Nifty 50 opened on a positive note with a gap-up of 69.30 pts (+0.32%). Although the index relinquished its early gains in the first half, a notable turnaround occurred during the second half. Closing almost at its opening price, with a gain of 28.50 points or +0.13%.
Key Observations:
- Despite the initial sell-off, the price failed to reach the lows of the pattern. Instead, it made a higher low and this low will act as an important support in the upcoming session.
- While the price remains within a defined range, the strategy of buying at support and selling at resistance will continue to prove effective.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- KSL (+14.67%)
- AJMERA (+2.27%)
Quant Signals
Under the most popular configuration:
- 'Quick Short' ended the day with a return of -2.51%.
- 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:
- TATAMOTORS (+27.5% in 5 months)
- MOTHERSON (+24.4%)
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
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 the 21750 level is crossed, the uptrend will continue.
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