Daily Stock Market Report: November 15
The current support level is at 19580 - 19550, making it an ideal point to add new longs when the index corrects.
Nifty 50 opened on a positive note with a gap up of 207.85 pts (+1.07%). Although the index traded sideways in the first few hours, it later regained momentum, concluding the day almost at its highs with a +1.19% gain.
The Indian indices closed higher today, mirroring global stocks, after softer-than-expected U.S. inflation data strengthened hopes of ending the rate-hiking cycle in the world's largest economy.
The significant contributions are from the Realty, IT, and Auto sectors, which closed with +2.95%, +2.59%, and 1.73%, respectively.
Key Observations:
- The 'buy-on-dip' outlook persists after today's positive gap-up, primarily attributed to the easing inflation data.
- The current support level is at 19580 - 19550, making it an ideal point to add new longs when the index corrects.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- SNOWMAN (+4.36%)
Quant Signals
Under the most popular configuration:
- 'Quick Short' closed positively for the day with +2.92%.
- On the other hand, 'Back Up' ended the day with a loss of -1.59%.
Broker Signals
All the signals recommended by the brokers are currently live.
Coming back to the report…
Data Points
The highest CE OI is 19800, and the PE is at 19600 levels. This suggests that the markets are expected to revolve around these levels for tomorrow's expiry.
Levels Worth Monitoring Tomorrow
A notable increase in Open Interests (OIs) on the PE side around 19600 is observed, marking the highest OI at the moment and expected to act as support. This level coincides with the day's low, adding more significance to this particular point.
On the other hand, the index encounters immediate resistance at 19700 levels. If this level is surpassed, the index may reach up to 19850 levels in the upcoming sessions.
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.
