Nifty 50 opened on a positive note with a gap-up of +80.50 pts (+0.38%). It not only sustained this positive opening but also moved beyond the resistance level, which was around 21500, continuing its upward momentum throughout the day.
As the trading day wrapped up, Nifty 50 concluded at 21737.60, with a gain of 385.00 pts or +1.80%.
- As of the end of last week, our outlook was slightly bearish to sideways, given that as long as Nifty 50 stays below 21500. However, today, Nifty 50 crossed 21500 leading to a shift in outlook to bullish.
- Both daily and hourly timeframes are now bullish, although the shorter timeframes displayed bullishness last week.
- The significant change to bullishness in longer timeframe was triggered by a double-bottom breakout observed in the hourly timeframe.
Below is the Top Mover from our Live Market Feed:
- WABAG (+6.90%)
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Under the most popular configuration:
- ‘Quick Short’ ended the day with a -4.43% return.
- While ‘Back Up’ recorded a profit of +2.64% return.
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Coming back to the report…
The highest CE OI is 22000, 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
Our outlook for the upcoming sessions is bullish as long as Nifty 50 remains above 21500, with this level serving as significant support.
On the other hand, the immediate resistance is around 21750 levels, and breaching this could pave the way for 22000.
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.