Daily Stock Market Report: November 03
Nifty may have managed to halt the downtrend this week, but the recent up move is not of fresh buying but merely an unwinding.
Nifty 50 opened positively with a gap up of +107.75 pts (+0.56%). The index opened at the resistance level, which was discussed in yesterday’s report and moved within a fixed range throughout the day.
At the end of the closing bell, Nifty 50 was down to 19226.05 level, closing with +0.51%.
Key Observations:
- Nifty may have managed to halt the downtrend this week, but the recent up move does not indicate fresh buying; rather, it signifies an unwinding of short positions.
- To see a bullish trend, we need to see an up move driven by fresh buying.
- The nifty 50 is consolidating at the resistance level, and if today’s low is breached, we may expect the bears to take control in the coming week.
- If the index surpasses today’s high, it may face a hurdle between the 19350 and 19450 levels.
Spot Signals
Below are the Top Movers from our Live Market Feed:
- KPIGREEN (+4.89%)
- PATELENG (-3.84%)
Quant Signals
Under the most popular configuration:
- ‘Quick Short’ closed negatively for the day with -1.58%.
- On the other hand, ‘Back Up’ didn’t generate a signal as it didn’t meet its quantitative metrics.
Broker Signals
The positions listed below have met their targets and are now closed
- WONDERLA (+41.4%)
- LODHA (+13.8%)
However, the rest of the signals recommended by the broker are currently live.
Coming back to the report…
Data Points
The highest CE OI is 19500, and the PE is at 19200 levels. This suggests that the markets are expected to revolve around these in the upcoming session.
Levels Worth Monitoring Tomorrow
In the last two days, the index hasn’t continued the up move post-opening bell; instead, it has remained sideways, closing almost at its opening level, forming a doji in the daily time frame.
This explains that bulls are not strong enough to continue the up move.
Today’s low will be crucial in the upcoming session, and if the low is breached, as mentioned earlier, we expect the bears to take over.
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.
