The Nifty 50 opened today with a slight gap-down of -15.55 points (-0.08%). Right from the first few minutes, the index dropped below yesterday's low and encountered resistance at the level that acted as support yesterday. This is a clear example of how basic support can become resistance – a reminder that sometimes simplicity proves effective.
At the end of the closing bell, Nifty 50 ended the day on a negative note with -0.47%.
- The index being in the red again reinforces the presence of supply in the market. The crucial support range is positioned between 18925 and 18840.
- The former resistance zone holds significant importance as it currently serves as a support zone, even on a weekly timeframe.
Today, there were no significant news events that influenced stock movements.
Under the most popular configuration:
- 'Quick Short' ended the day with a loss of -2.12%.
- On the other hand, 'Back Up' also ended negatively, recording a loss of -4.05%.
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Coming back to the report…
The highest CE OI is 19100, and the PE is at 18800 levels. This suggests that the markets are expected to revolve around these in the upcoming session.
Levels Worth Monitoring Tomorrow
The bears are still in control, considering the lower timeframe. The immediate support is between 18925 and 18840; on the other hand, the resistance is at 19050 levels.
These levels coincide with data, reinforcing the importance.
Will the index find a bottom here? Or will the downtrend continue?
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.