Nifty 50 opened positively with a gap-up of +77.15 pts (+0.39%). The index continued its uptrend in the first hour, particularly following a breakout in the Head and Shoulder (H&S) pattern.
However, in the latter part of the trading day, the index exhibited a sideways movement. Ultimately, it concluded the day with a gain of 0.62%.
- The current trend is quite evident, and it raises the possibility of the index reaching the 20000 level, aligning with the potential target of the Head and Shoulders (H&S) pattern.
- 19750 - 19700 levels are expected to hold if there's a dip in the upcoming sessions.
Today, there were no significant news events that influenced stock movements.
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 -0.02%.
All the signals recommended by the brokers are currently live.
Coming back to report…
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 for the upcoming expiry.
Levels Worth Monitoring Tomorrow
Our outlook for tomorrow remains bullish. A significant number of contracts have been accumulated at the 19800 strike price on the put option side, which will serve as an essential support level for tomorrow.
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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