Daily Stock Market Report: November 02
Today’s movement has paved a path for a significant pattern in the Nifty 50. Read here to know more.
Nifty 50 opened a positive note with a gap up of 130.85 pts (+0.69%). The index displayed a V-shaped pattern throughout the day, indicating that the bulls effectively absorbed today's supply. As a result, the day concluded in the green, showing a gain of +0.76%.
Key Observations:
- Today’s movement has paved a path for a significant pattern in the Nifty 50; if this continues, we may witness a bottom in the upcoming sessions.
- In the hourly timeframe, the price attempts to recover; if it surpasses 19240 levels, we will witness a classic double-bottom pattern breakout.
- For now, we will remain bearish to sideways as long as Nifty50 stays below the resistance level.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- SKIPPER (-5.67%)
Quant Signals
Under the most popular configuration:
- ‘Quick Short’ closed positively for the day, recording a profit of +1.15%
- On the other hand, ‘Back Up’ didn’t generate a signal as it didn’t meet its quantitative metrics.
Broker Signals
All the signals recommended by the brokers are currently live.
Coming back to the report…
Data Points
The highest CE OI is 19200, and the PE is at 19000 levels. This suggests that the markets are expected to revolve around these in the upcoming session.
Levels Worth Monitoring Tomorrow
The immediate resistance to watch out for is 19240 levels. On the other hand, the support is between 18980 - 18920.
Over the past few days, we've noticed that the lows are gradually rising day by day. Does this signal a potential end to the current downtrend, at least for the time being?
Is a double-bottom breakout or sideways movement on the horizon?
Let's stay tuned and see how things unfold.
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.
