Daily Stock Market Report: March 07
In the hourly time frame, the old resistance has now turned into support, further reinforcing that the bulls are in control.
Nifty 50 opened on a positive note with a gap up of +31.25 pts (+0.14%). Despite the positive opening, the index stayed range-bound throughout the day.
As the trading day wrapped up, Nifty 50 concluded at 22493.55, with a gain of 19.50 pts or +0.09%.
Key Observations
- In the hourly time frame, the old resistance has now turned into support, further reinforcing that the bulls are in control.
- Our outlook for the upcoming week will continue to be to buy on dips until any significant changes are seen.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- JUBLINGREA (-1.60%)
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Quant Signals
Under the most popular configuration:
- ‘Quick Short’ and ‘Back Up’ ended the day positively with +2.39% and +0.66% respectively.
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Broker Signals
Here is the today's Top position that closed and met its target:
- SBIN (+37.1% in 4 months)
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Coming back to the report…
Data Points
The highest CE OI is 22600, and the PE is at 22400 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 22430 levels.
Any dips to this level, or even lower, around 22250, present an excellent opportunity to add long positions or 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.
