Daily Stock Market Report: November 07
After three consecutive days of gap-ups, the market experienced a flat opening. Read more here
After three consecutive days of gap-ups, the market experienced a flat opening. Bears held the reins during the first half of the day, but the Bulls seized control in the second half. As a result, the day concluded positively, ultimately closing with a gain of 5.40 pts (+0.03%).
Key Observations:
- The Hanging Man candlestick pattern has emerged in the daily timeframe of Nifty 50, which reflects a shift in market sentiments.
- This pattern often appears at the end of an uptrend and suggests that a trend reversal from bullish to bearish might be imminent.
- To confirm a bearish reversal, the low of the current candlestick must be breached, and the closing price the following day must be below the low of the current candlestick. This will indicate the bears are in control and confirm that the trend may indeed be reversing.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- ANGELONE (-3.42%)
Quant Signals
Under the most popular configuration:
- 'Quick Short' closed positively for the day with +1.52%.
- While 'Back Up', too, ended in green with +0.73%.
Broker Signals
All the signals recommended by the brokers are currently live.
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Data Points
The highest CE OI is 19500, and the PE is at 19300 levels. This suggests that the markets are expected to revolve around these in the upcoming session.
Levels Worth Monitoring Tomorrow
The fact that bears took control in the first half today explains that bears overpowered the bulls initially, and the bulls barely managed to get it back.
Hence, the day's low is crucial at 19329.10, coinciding with the support zone at 19330 - 19310. If this support zone is breached, we expect the bears to take control, which may drag the index to the recent swing lows.
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.
