Nifty 50 opened barely unchanged with a gap down of -15.90 pts (-0.08%). However, the day got off to a negative start as the market quickly saw a sharp decline within the first hour. Despite subsequent efforts to bounce back, the Nifty 50 couldn't reclaim half of the ground it initially lost.
By the closing bell, Nifty 50 fell by 109.55 pts (-0.56%).
- In the hourly timeframe, a pattern can be noticed where the Nifty 50 tends to bounce back and form short-term tops whenever it experiences a decline. The most recent rebound appears weaker compared to the previous instances. Additionally, it hasn't even managed to recover 50% of its previous decline, indicating a notable lack of strength and a bearish sentiment in the market.
- If the Nifty 50 breaks today's low, we may see the index reaching around 19200 level in the upcoming sessions.
Below are the Top Movers from our Live Market Feed:
- MANINDS (+4.45%)
2. WESTLIFE (+3.62%)
3. NCC (+3.58%)
Under the most popular configuration, 'Back Up' didn’t generate a signal today as it didn’t meet its quantitative metrics. However, 'Quick Short' closed with a loss of -0.76%.
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Coming back to the report…
The highest CE OI is at 19700, and PE at 19500 levels. This means markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
Based on the price action, the index looks bearish for the upcoming session. However, if today’s low is taken out, which is around 19500 level, we may see a further decline in the index.
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 making any investment decisions.
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