Daily Stock Market Report: October 06
Nifty 50 opened positively with a gap up. After a brief sideways movement, it resumed its upward trajectory. Read in detail here.
Nifty 50 opened on a positive note with a gap-up of 75.45 pts (+0.39%). Following a positive start, the index briefly moved sideways for a few minutes before resuming its upward trajectory.
Overall, Nifty 50 closed in green with +0.55%.
Key Observations:
- Nifty 50 is consistently opening with consecutive gaps, indicating potential support levels in case of price declines.
- The index seems to be forming a base in the hourly timeframe, but it faces a challenge in the form of a sloping trendline. If the price reverses from this point, we might observe a short-term correction, with potential pauses at the recent gaps from the last two days.
Spot Signals
Below are the Top Movers from our Live Market Feed:
- MAHEPC (+2.79%)
2. KPIGREEN (+1.82%)
Quant Signals
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 gain of +0.38%.
Broker Signals
Below is the position that was closed:
- UJJIVANSFB (+36.1% in 2 months)
A popular broker has identified a new opportunity with the potential for a +23.4% upside. Click here to explore the signal.
Coming back to the report…
Data Points
The highest CE OI is at 20000, and the PE is at 19600 levels. This suggests that the markets are expected to revolve around these levels in the coming week.
Levels Worth Monitoring Tomorrow
According to the data, 19600 is a crucial support level for the upcoming session, provided that the price reverses from its sloping trendline. This level is considered ideal for potential pauses.
If the index opens above the trendline, 19700 CE writers will start feeling the pain, potentially leading to the unwinding of positions and further fueling upward price movement.
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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