Daily Stock Market Report: March 06

Nifty 50 opened on a negative note with a gap down of 28.80 pts (-0.13%). Despite the negative opening and initial sell-off, the index found support around yesterday’s low and rebounded to reach new all-time highs.

As the trading day wrapped up, Nifty 50 concluded at 22474.05, with a gain of 117.75 pts or +0.53%.

Key Observations

• As discussed in yesterday’s report, the former all-time high was tested and surpassed to establish a new all-time high.
• This further reinforces the bullish sentiment in the large-cap stocks, while mid and small-caps are experiencing a sideways to correction phase.

Spot Signals

Below is the Top Mover from our Live Market Feed:

• ICICIPRULI (+4.18%)
  

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Quant Signals

Under the most popular configuration:

• ‘Quick Short’ ended the day on a positive note with +3.38% for the day.
• While ‘Back Up’ closed negatively with a return of -3.45%.

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Broker Signals

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

• GAIL (+24.1% in 2 months)
  

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Coming back to the report…

Data Points

The highest CE OI is 22800, 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 support for the upcoming session is around the 22250 levels.

Any minor dips to this level present an excellent opportunity to add long positions or to trail the stop-loss for existing longs.

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.