Nifty 50 opened on a positive note with a gap-up of 76.90 pts (+0.39%). Despite the positive opening, the index moved sideways for the first 2 hours; post that it gave a breakout.
It marked the day's high immediately after the breakout and turned around. Eventually, it closed almost at its open levels at 19783.40, a gain of 0.45%.
- In the last few sessions of Nifty 50, the price manages to inch higher but eventually faces resistance between 19900 and 19800, leading to a sell-off from these levels.
- Bears are stepping in at these levels, halting the upward movement, while the bulls are equally holding their ground, preventing the price from slipping any further.
- Both bulls and bears seem to be engaged in a tug-of-war at the current levels.
Today, there were no significant news events that influenced stock movements.
Under the most popular configuration:
- 'Quick Short' recorded a profit of +1.66%.
- On the other hand, even 'Back Up' ended the day in green with +0.37%.
Here are today's top positions that closed and met their targets:
- ISGEC (+18.1% in 3 months)
- GATEWAY (+17.3% in 2 months)
- KOLTEPATIL (+9.2% in 12 days)
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Coming back to the report…
The highest CE OI is at 19800, 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
The immediate support is between 19750 and 19700; if these levels are breached, the index may further decline to 19600.
On the other hand, the resistance levels remain the same between 19900 and 19800.
These levels coincide with the maximum weekly OIs on both the CE and PE sides.
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.