Nifty 50 barely changed at the opening today with a gap-up of 11.90 pts (0.06%). The index attempted to move higher in the first few minutes; however, it faced resistance at the previous gap level discussed in yesterday’s report.
As the closing bell rang, Nifty 50 concluded at 20133.15 with a gain of 36.55 pts or 0.18%.
- Today's up-move was capped at the resistance and dragged the index down, close to yesterday's low. Later, the bulls took control and closed the day in the green.
- This suggests a potential loss of upward momentum, as the daily candle forms a bearish pattern known as a 'Hanging Man'.
- The immediate support level is at today's lows around 20015, which may serve as an ideal point to add longs to your existing positions when the index corrects.
Today, there were no significant news events that influenced stock movements.
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:
- CYIENT (+16.7% in a month)
- JKCEMENT (+14.8% in 3 months)
- JUBLFOOD (+8.9% in 3 months)
The highest CE OI is 20400, and the PE is at 20000 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
Nifty 50 is currently facing resistance at the previous gap level we discussed yesterday. Despite the hurdle, the setup still favors buying on the dip. Watch out for any dips around today’s low to add longs.
On the flip side, if the index surpasses today's highs in the upcoming session, it may head toward a new all-time high.
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.