Nifty 50 opened almost flat with a gap-up of 13.90 pts (+0.07%). The index continued to move within yesterday’s trading range and eventually broke & closed below yesterday’s low in the last few minutes.
As the closing bell rang, the Nifty 50 recorded a loss of 48.20 pts, concluding the day with a decline of -0.25%.
- For the first time in the past seven sessions, the Nifty 50 has closed below yesterday’s low.
- The index needs to stay above the 19300 level for an uptrend to continue. If this level is breached, the index may further decline to 19200 levels in the upcoming sessions.
- As long as the support levels hold, the set-up continues to favour buying on dips.
Today, there were no significant news events that influenced stock movements.
Under the most popular configuration:
- ‘Quick Short’ closed break-even for the day with a +0.04% gain.
- On the other hand, ‘Back Up’ ended the day with a loss of -0.76%.
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The highest CE OI is 19500, and the PE is at 19400 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
Nifty 50 is currently facing the challenge of getting past 19460 levels. This is an important hurdle for bulls to overcome.
Keep an eye on support around the 19300 levels if the price continues to decline in the next session.
Every dip in the last 7 sessions was used as a buying opportunity. Will this further continue?
Let’s stay tuned and watch how things will unfold from here on.
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.