Daily Stock Market Report: January 24
No patterns or significant changes have been observed in the hourly time frame to shift our perspective from bearish to bullish.
The Nifty 50 opened the day with a negative gap of -53.55 points (-0.25%). Within the first 5 minutes, the index reached a low and then reversed its direction, recovering from yesterday's significant fall.
The dead cat bounce persisted until the close, concluding the day at 21,453.95, recording a gain of +215.15 points or +1.01%.
Key Observations
- Today’s rally is expected to encounter resistance at 21,600, the upcoming barrier for the next session.
- However, despite the bullish signals on lower time frames, the hourly time frame remains bearish.
- No patterns or significant changes have been observed in the hourly time frame to shift our perspective from bearish to bullish.
Spot Signals
Today, there were no significant news events that influenced stock movements.
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Quant Signals
Under the most popular configuration:
- 'Quick Short’ closed the day with a negative return of -2.02%.
- On the other hand, ‘Back Up’ closed in green with a return of +2.94%.
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Broker Signals
Here is the today's top position that closed and met its target:
- BHARTIARTL (+25% in 2 months)
- PERSISTENT (+21.9% in a month)
- CIPLA (+18.6% in 5 months)
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Coming back to the report…
Data Points
The highest CE OI is 21700, and the PE is at 21000 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
In the 15-minute chart, the Nifty 50 failed to break the recent lows; instead, it formed equal lows, creating a double-bottom pattern that led to a breakout during today’s recovery.
The confirmation of equal lows and the double-bottom breakout signal bullishness in the short term.
An important support level to watch for tomorrow's expiry is at 21,200. The bullish trend is expected to continue as long as the index remains above 21,400.
Conversely, 21,600 is the significant resistance for 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.
