Nifty 50 opened nearly unchanged, experiencing a gap-up of 7.60 pts (0.04%) and traded sideways throughout the day. There was yet another failed attempt to surpass the resistance level.
As the trading day wrapped up, the Nifty 50 closed at 19794.70 with a loss of -0.04%.
- The Nifty 50 is currently forming an ascending triangle pattern in the hourly time frame, which is indicative of a continuation pattern.
- It forms during an uptrend and is characterized by a horizontal resistance level and a rising support trendline. Traders often seek a breakout above the horizontal resistance line as a signal to enter a potential upward move.
Today, there were no significant news events that influenced stock movements.
Under the most popular configuration:
- ‘Quick Short’ recorded a loss of -1.77% today.
- In contrast, ‘Back Up’ did not generate a signal today as it did not meet its quantitative metrics.
Here are today's top positions that closed and met their targets:
- TVSMOTOR (+18.2% in a month)
- BAJAJ-AUTO (+7.6% in a month)
The remaining signals recommended by the brokers are currently live.
Coming back to the report…
The highest CE OI is at 19800, while the PE is also at 19800 levels. If either of these strike prices gives up in the next trading session, we may witness a significant movement there.
Levels Worth Monitoring Tomorrow
The resistance levels remain the same, between 19900 and 19800. Once these levels are breached, the uptrend resumes. On the other hand, the immediate support is at the 19760 level. If this level is taken out, the index may touch 19500 levels in the upcoming sessions.
However, there’s a notable addition of OIs at ATM & OTM levels on the CE side; this warrants a slightly bearish bias for the upcoming session.
Let’s wait and watch how things unfold in the upcoming week—whether the uptrend continues or we witness a correction.
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.