Daily Stock Market Report: January 17
The Nifty 50 appears weak at the current market levels; hence, we lean towards a sell-on-rise setup.
Nifty 50 opened on a negative note with a gap-down of 385.05 pts (-1.75%). Post-opening, the index staged a recovery in the first few minutes but soon failed to sustain and continued to experience a rapid fall.
As the trading day wrapped up, Nifty 50 concluded at 21571.95, with a loss of 460.35 pts or -2.09%.
Key Observations:
- Nifty 50 opened below the support level discussed in yesterday’s report and closed much lower than the opening price, highlighting weakness in the short term.
- However, the index is currently hovering around a major support level and is expected to halt the ongoing decline between 21500 and 21450 levels.
- Nevertheless, the Nifty 50 appears weak at the current market levels; hence, we lean towards a sell-on-rise setup.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- PSPPROJECT (-3.03%)
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Quant Signals
Under the most popular configuration:
- 'Quick Short' ended the day with a return of -1.75%.
- While 'Back Up' didn't generate a signal today as it didn't meet its quantitative metric.
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Broker Signals
Here is the today's top position that closed and met its target:
- JKCEMENTS (+23% in 2 months)
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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 immediate support is between 21500 and 21450, while the resistance is at 21850 levels. Any further down move is expected to halt at the mentioned support zone, given its historical resilience. Hence, this zone is anticipated to be a key focus for traders.
If this support zone is breached, it warrants caution and may lead to a further decline towards the 21000 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.
