Nifty 50 opened on a positive note with a gap-up of +49.25 points (0.25%). Yet again, the index consolidated at the 19850 level until the afternoon. Afterwards, it broke out of the channel and resumed the uptrend.
As the trading day concluded, Nifty 50 closed with a gain of 95 points, or 0.48%.
- The index has closed above the 19850 level after multiple failed attempts in the past 2 weeks. This indicates that the uptrend has resumed after a minor setback, which took the form of a continuation pattern known as an Ascending Triangle pattern.
- It is important to note that today's low is a crucial level to watch out for trend continuation. If the price reverses and closes below today's low, it will signal a potential failure of the Ascending Triangle pattern.
Below are the Top Movers from our Live Market Feed:
- IDBI (+1.90%)
- ZEEL (+1.17%)
Under the most popular configuration:
- 'Quick Short' recorded a loss of -1.39%.
- On the other hand, 'Back Up' didn't generate a signal today as it did not meet its quantitative metrics.
All the signals recommended by the brokers are currently live.
Coming back to the report…
The highest CE OI is at 20000, 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
Today's low is an important level to watch for trend continuation, which will act as support according to price and data. Any dips to this level may be interpreted as a buying opportunity.
The index may go up to 20100 - 20000 in the upcoming sessions, and at these levels, we can expect a short-term halt as there is a gap that needs to be surpassed.
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.