Daily Stock Market Report: January 16
Although the index reached a new peak within the first few minutes moments, it struggled to maintain the upward momentum
Nifty 50 opened flat with a negligible gap down of 16.95 pts (-0.08%). Although the index reached a new peak within the first few minutes moments, it struggled to maintain the upward momentum and eventually declined. Following this downturn, the index found support at yesterday’s low, as highlighted in our report from yesterday.
As the trading day wrapped up, Nifty 50 concluded at 22032.30, with a loss of 65.15 pts or -0.29%.
Key Observations:
- Despite the fall from the all-time high, the index found support at yesterday’s low.
- The buy-on-dips strategy will continue to be favorable at the current market levels
Spot Signals
Below is the Top Mover from our Live Market Feed:
- NBCC (-2.33%)
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Quant Signals
Under the most popular configuration:
- 'Quick Short' ended the day with a return of +1.66%.
- While 'Back Up' closed with a return of -6.57%.
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Broker Signals
Here are today's top positions that closed and met its target:
- LT (+24.3% in 2 months)
- APTUS (+21.1% in 2 months)
- PNCINFRA (+19.1% in 5 months)
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Coming back to the report…
Data Points
The highest CE OI is 22100, and the PE is at 22000 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
The gap will continue to serve as immediate support, while the resistance is at current all-time highs.
If you are a short-term trader, consider placing a stop-loss slightly below the low of the gap.
If the gap is breached, the index may decline to the 21700 level.
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.
