Daily Stock Market Report: October 11
A significant number of contracts have been accumulated at the 19800 strike price on the put option side, which will serves as an important support level for tomorrow.
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%.
Key Observations:
- 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.
Spot Signals
Today, there were no significant news events that influenced stock movements.
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 -0.02%.
Broker Signals
All the signals recommended by the brokers are currently live.
Coming back to 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 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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