Nifty 50 opened on a positive note with a gap up of 38.15 pts (+0.18%). However, despite the favorable opening, the index struggled to maintain its upward momentum and experienced a notable decline.
As the trading day wrapped up, Nifty 50 concluded at 21522.10, with a loss of 215.50 pts or -0.99%.
- In yesterday’s report, we highlighted that 21750 is an immediate resistance. Nifty 50 failed to stay above 21750 and was quickly dragged below this level within the first few minutes.
- On the other hand, 21500 is a crucial support for the upcoming session. If this level is breached, the index will head towards the recent swing lows.
Today, there were no significant news events that influenced stock movements.
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Coming back to the report…
The highest CE OI is 21700, 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 red, wide-ranged candles in the hourly time frame suggest that the bears are in control.
While 21500 is a major support for the upcoming session, will the bulls hold their fort at 21500, or will the bears dominate?
Keep a close eye on this level; a breach of it would change Nifty 50’s course.
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.