Daily Stock Market Report: March 01
On a daily timeframe, the index exhibits a higher high and higher low structure and is being supported by a rising trendline.
Nifty 50 opened on a positive note with a gap-up of 62.50 pts (+0.30%). It crossed 22100 within the first few minutes, the resistance level that we discussed yesterday, and embarked on a positive momentum that persisted throughout the day.
As the trading day wrapped up, Nifty 50 concluded at a record close of 22338.75, with a gain of 355.95 pts or +1.62%.
Key Observations
- Nifty 50 has once again closed at record highs, but the question we're all asking is whether this momentum will continue or if it will reverse, as it has done before.
- However, on a daily timeframe, the index is exhibiting a higher high and higher low structure and is being supported by a rising trendline.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- DATAPATTNS (+2.22%)
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Quant Signals
Under the most popular configuration:
- Both ‘Quick Short’ & ‘Back Up’ ended almost break-even with +0.19% and +0.31% respectively.
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Broker Signals
The signals recommended by brokers are currently live. Check them out below.
Coming back to the report…
Data Points
The highest CE OI is 22200, and the PE is at 22000 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
All time frames have turned bullish, and immediate support for the upcoming session is around the 22250 level.
Any dips to this level represent an opportunity to add long positions. Additionally, a trailing stop-loss can be placed slightly below this level to manage stops for short-term traders.
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.
