Daily Stock Market Report: January 18

Nifty 50 opened on a negative note with a gap down of 157.75 points (-0.73%). The index declined even further post-opening, but soon the tables turned, and bulls took over. A V-shaped recovery unfolded when examined on a 5-minute chart.

As the trading day wrapped up, Nifty 50 concluded at 21462.25, with a loss of 109.70 pts or -0.51%.

Key Observations:

• The significant support zone discussed yesterday was breached, and it is poised to serve as resistance in the upcoming session.
• Despite the bulls being in control today, the index exhibits weakness. The current setup continues to favor a sell-on-rise approach.

Spot Signals

Below is the Top Mover from our Live Market Feed:

• DYNAMATECH (+3.26%)

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Quant Signals

Under the most popular configuration:

• 'Quick Short' ended the day with a return of +1.08% &
• ‘Back Up’  also ended with +2.6% return .

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Broker Signals

Here is the today's top position that closed and met its target:

• LT (+24.8% in 2 months)

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 21400 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.

Levels Worth Monitoring Tomorrow

Today’s gap around 21550 coincides with the resistance levels mentioned above, which will serve as resistance in the upcoming session.

On the other hand, the immediate support is at 21300 levels.

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.