Daily Stock Market Report: October 09
Nifty 50 opened with a gap-down. The index experienced a sharp decline in the initial few minutes but swiftly rebounded. Tap to read more.
The Nifty 50 started the day on a bearish note, opening with a gap-down of -114.05 points (-0.58%). The index experienced a sharp decline in the initial few minutes but swiftly rebounded, marking the day's low within the first hour.
However, despite this early recovery, the index gave up all its gains in the first hour and ultimately ended the day with a negative return of -0.72%.
Key Observations:
- Nifty 50 has turned around from the sloping trendline discussed in Friday's report. It has halted at one of the gaps in Friday's report that occurred in the last week.
- Keep a close eye on the 19500 - 19450 range, representing a significant support level for the next session.
- If the price rebounds from the current level, we may see an inverted head & shoulder pattern in the hourly time frame.
Spot Signals
Below are the Top Movers from our Live Market Feed:
- SHAKTIPUMP (-3.16%)
2. MANINFRA (-2.63%)
Quant Signals
Under the most popular configuration, 'Quick Short' closed with a gain of +1.82% and, ‘Back Up' with +0.44%.
Broker Signals
Below is the position that was closed:
- PCBL (+13% in a month)
Coming back to the report…
Data Points
The highest CE OI is at 19800, and the PE is at 19500 levels. This suggests that the markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
Considering price action and data, the 19500 level is a potential support in the next session.
Our outlook for tomorrow is sideways to bullish, provided the 19500 level remains intact.
Conversely, if there is a gap down below 19500, we could observe an unwinding at the 19500 PE strike price, potentially leading to further downward movement in the market.
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.
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