Daily Stock Market Report: March 05
The old resistance has now turned into support, further validating the bullishness in the market.
Nifty 50 opened on a negative note with a gap down of 34.35 pts (-0.15%). The index experienced a follow-through and reached a low for the day around 22250 levels before reversing its direction.
As the trading day wrapped up, Nifty 50 concluded at 22356.30, with a loss of 49.30 pts or -0.22%.
Key Observations
- The old resistance has now turned into support, further validating the bullishness in the market.
- The same level will continue to act as support in the upcoming session.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- LIKHITHA (+1.43%)
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Quant Signals
Under the most popular configuration:
- ‘Quick Short’ ended the day negatively with 1.32% for the day.
- While ’Back Up’ didn’t generate a signal today as it didn’t meet its quantitative metrics.
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Broker Signals
Here is the today's Top position that closed and met its target:
- AHLUCONT (+25.2% in 18 days)
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Coming back to the report…
Data Points
The highest CE OI is 22400, 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
The immediate resistance is at the current all-time high, while the support is at the 22300 level.
As long as the support levels hold, the all-time high will be tested in the upcoming sessions.
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.
