Nifty 50 opened barely unchanged today with a gap-up of 11.35 pts (+0.06%). Despite opening flat, the index continued to move sideways within yesterday’s trading range throughout the session.
As the day concluded, Nifty 50 closed with -0.09%.
- The support level remains the same at 19750-19700 for the upcoming session, while the bulls appear to be facing a challenge around 19850.
- Despite the sideways movement, our outlook remains unchanged, and we are keeping an eye on the Head and Shoulders (H&S) pattern target, which is around the 20000 level.
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 -0.82%.
Below is the position that was closed:
- MIDHANI (+19.2%)
Coming back to the report…
The highest CE and PE OI are both at the 19800 level. OI shifts are expected to take place in the upcoming sessions. For now, it makes sense to focus on the second-highest OIs at 20000 for CE and 19700 for PE.
Levels Worth Monitoring Tomorrow
Secondary trends, such as sideways or continuation patterns, frequently occur within the primary trend. Despite the sideways movement, our outlook remains bullish. It's essential to monitor the support levels, which are at 19750-19700.
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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