Daily Stock Market Report: November 16
In the last 2 weeks uptrend, this is the first time that the index has witnessed a quick fall and wide-range candles in the lower timeframes.
Nifty 50 opened barely unchanged with a gap down of -0.75 pts (0%). Despite the flat opening, the index soared higher, reaching a peak of 19875.25 for the day, and eventually dropped by almost 50% of the day's range from the highs.
At the end of the closing bell, Nifty 50 concluded at 19765.20 with a gain of +0.46%.
Key Observations:
- The lows are consistently rising day by day, signalling a classic textbook uptrend.
- The immediate support is at today's lows, while, on the other hand, there's strong resistance at 19900 - 19850 levels, which is where the Nifty turned around today, as discussed in yesterday's report.
- If you are still long, consider shifting the trailing stop-loss to 19600 levels.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- PENIND (+5.79%)
Quant Signals
Under the most popular configuration:
- 'Quick Short' didn't generate a signal today as the model didn't meet its quantitative metrics.
- On the other hand, 'Back Up' closed positively for the day with +5.45%.
Broker Signals
Here are today's top positions that closed and met their targets:
- GATEWAY (+23.8% in 3 months)
- WELSPUNIND (+21.4% in 20 days)
- AJANTPHARM (+20.7% in 3 months)
The remaining signals, recommended by the brokers, are currently live.
Coming back to the report…
Data Points
The highest CE OI is at 19900, while the PE is at 19700 levels. This suggests that the markets are expected to revolve around these levels in tomorrow's session.
Levels Worth Monitoring Tomorrow
In the last two weeks' uptrend, this is the first time that the index has witnessed a quick fall and wide-range candles in the lower timeframes; the same is evident in the hourly chart.
The wide-range candle can be an immediate concern; consider tightening the stop-loss for your long positions if you are a short-term trader.
Today's low, which is around 19600, is an immediate support for the upcoming session.
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.
