Daily Stock Market Report: January 23
The Nifty 50 has breached the neckline of the Head & Shoulders pattern, confirming the bearish signal.
Nifty 50 opened on a positive note with a gap-up of 144.90 pts (+0.67%). Despite this promising start, the index couldn't maintain the positive momentum and swiftly reversed its direction, dragging the index down to 21238, reflecting a loss of 333 pts and closing with a negative return of 1.54%.
Key Observations
- The Nifty 50 has breached the neckline of the Head & Shoulders pattern, confirming the bearish signal.
- The target for the Head & Shoulders pattern is set at 20730 levels. The sell-on-rise strategy aligns with the bearish implications of the pattern
Spot Signals
Below is the Top Mover from our Live Market Feed:
- VASCONEQ (-5.25%)
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Quant Signals
Under the most popular configuration:
- 'Quick Short' recorded a gain of +4.54% return
- 'Back Up' closed with a return of -1.42%.
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Broker Signals
Here is the today's top position that closed and met its target:
- CEATLTD (+34.4%)
More signals recommended by brokers are currently live. Check them out below.
Coming back to the report…
Data Points
The highest CE OI is 21500, and the PE is at 21200 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
The breakdown of neckline enforces the bearishness in the market and selling on rallies is an ideal strategy at the current market levels.
Look out for immediate resistance around 21350 levels in the upcoming session.
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.
