Daily Stock Market Report: November 29
After a strong opening, Nifty 50 resumed its uptrend after yesterday’s breakout.
Nifty 50 opened on a positive note with a gap-up of 86.85 pts (+0.44%). Following yesterday's breakout, the index began the day above 19950 levels and sustained its upward trajectory until the close.
As the closing bell rang, Nifty 50 concluded at 20096.60, marking a gain of 206.90 pts or +1.04%.
Key Observations:
- After a strong opening, Nifty 50 resumed its uptrend after yesterday's breakout. The current support levels are between 19960 - 19910.
- For the upcoming session, consider placing a stop loss slightly below the gap level if you are looking to hold long positions.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- CAPACITE (-1.43%)
Quant Signals
Under the most popular configuration:
- 'Quick Short' recorded a loss of -2.74%.
- On the other hand, 'Back Up' didn't generate a signal today as it did not meet its quantitative metrics.
Broker Signals
Here are today's top positions that closed and met their targets:
- NMDC (+31.9 in 2 months)
- IOC (+15.9% in 3 months)
- NITINSPIN (+14.6% in 3 months)
All the remaining signals recommended by brokers are currently live.
However, a popular broker has identified a new opportunity with the potential for a double-digit gain. Check it out on the app.
Data Points
The highest CE OI is 20200, and the PE is at 20000 levels. This suggests that the markets are expected to revolve around these in the upcoming session.
Levels Worth Monitoring Tomorrow
An immediate hurdle for the index is at 20120 levels, a gap down that led to the fall from its all-time highs in September.
If this level is surpassed, the index is heading for a new lifetime high in the upcoming sessions.
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.
