Nifty 50 opened barely unchanged with a 0.60 pts gap-up. After the opening, within an hour, the price turned around and tested the 19700 levels discussed in yesterday’s report.
However, the bulls held their ground today by not letting the price drop below the pivot levels.
As the trading day wrapped up, Nifty 50 closed in the green with a gain of 0.11%.
- The tug-of-war continues in today’s session as well. However, there was a slight twist in today’s movement: initially, bears dominated, but bulls took over in the later part, a scenario different from previous sessions.
- Nifty 50 continues to struggle to surpass the resistance level. The setup remains bullish to sideways as long as the price stays below the resistance.
Below is the Top Mover from our Live Market Feed:
- ISGEC (-3.72%)
Under the most popular configuration:
- Both 'Quick Short' and 'Back Up' didn't generate signals today as they did not meet their quantitative metrics.
Here are today's top positions that closed and met their targets:
- KEI (+20.4% in a month)
- METROBRAND (+12% in 30 days)
The remaining signals recommended by the brokers are currently live.
Coming back to the report…
The highest CE OI is at 19900, while the PE is at 19800 levels. This suggests that the markets are expected to revolve around these levels in tomorrow's session.
Levels Worth Monitoring Tomorrow
The resistance levels remain the same, between 19900 and 19800. If these levels are crossed, the index may go up to 20100.
The support level is currently at 19700. Continue to trail the stop losses if you are holding a long position.
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.