Daily Stock Market Report: January 19
Following yesterday’s recovery, the index continued in the same direction today but failed to sustain the upmove.
Nifty 50 opened on a positive note with a gap-up of 152.95 pts (+0.71). Following yesterday’s recovery, the index continued in the same direction today but failed to sustain the up move, instead moved within a range throughout the trading session.
As the trading day wrapped up, Nifty 50 concluded at 21622.40, with a gain of 160.15 pts or +0.75%.
Key Observations
- Though the index opened a gap-up, it still lacks direction. The setup still leans towards sell-on-rise.
- If the index turns around from here, we may witness a complex head & shoulder pattern in the hourly time frame.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- MAPMYINDIA (-2.15%)
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Quant Signals
Under the most popular configuration:
- Both ‘Quick Short’ & ‘Back Up’ ended with a positive return of +0.66% & +1.27% respectively.
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Broker Signals
Here is the today's top position that closed and met its target:
- MGL (+26.9% 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 at today’s gap around 21550 levels; on the other hand, the resistance is at 21670 levels.
If the support level is breached, it would drag the index to the recent swing lows, forming a complex head and shoulders pattern.
Let’s sit back and watch how things will unfold in the coming week.
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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.
