Daily Stock Market Report: November 13

Nifty 50 opened negatively for the day with a gap down of -38.80 pts (-0.20%). The index experienced a sell-off during the initial two hours, followed by an attempted recovery. However, the recovery was halted when the index reached approximately halfway from its peak for the day.

At the end of the closing bell, Nifty 50 closed with a loss of -0.42%.

Key Observations:

• Nifty 50 opened above the 19,460 levels, which were the former resistance expected to act as support in case of a price decline. However, today's decline broke that level
• Despite the attempt to recover, it failed to cross the level, which is now acting as resistance.
• If the index declines from the current market price, the setup will be shifted to a ‘sideways’ outlook, which was a 'buy on dips' until now.

Spot Signals

Today, there were no significant news events that influenced stock movements.

Quant Signals

Under the most popular configuration, neither 'Quick Short' nor 'Back Up' generated signals today, as they did not meet their 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 19500, and the PE is at 19400 levels. This suggests that the markets are expected to revolve around these in the upcoming session.

Levels Worth Monitoring Tomorrow

A notable increase in OIs on the CE side around 19500 is observed, marking the highest OI at the moment and expected to act as resistance. This level coincides with the gap level that occurred today, adding more significance to this particular level.

On the other hand, the immediate resistance is at today’s low around 19400 levels. If today’s low is taken out in the upcoming session, the index will decline further to 19300 levels.

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.