Daily Stock Market Report: March 04

Nifty 50 opened on a positive note with a gap-up of 25.10 pts (+0.11%). However, despite the favorable opening, the index remained range-bound throughout the day.

As the trading day wrapped up, Nifty 50 concluded at 22405.60, with a gain of 27.20 pts or +0.12%.

Key Observations

• After the breakout, Nifty 50 is currently consolidating in a tight spot.
• Usually, the consolidation that occurs after a breakout relieves the over-bought levels before continuing the primary trend.

Spot Signals

There were no significant news events that affected the stock prices.

Like getting updates? Never miss a beat by getting instant updates on your holdings by syncing your portfolio with Investmint.

Quant Signals

Under the most popular configuration:

• ‘Quick Short’ ended the day almost break-even with +0.02%.
• While ‘Back Up’ didn’t generate a signal today as it didn’t meet its quantitative metrics.

Pick your one-tap wealth-building strategy today. Discover models that beat the index.

Broker Signals

Here is the today's Top position that closed and met its target:

• TATASTEEL (+21.7% in 5 months)
  

More signals recommended by brokers are currently live. Check them out below.

Coming back to the report…

Data Points

The highest CE OI is 22500, and the PE is at 22200 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 session is sideways as long as the index remains confined within the range of 22450 to 22350.

Any dips to 22200 levels will be 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.