Daily Stock Market Report: October 13
Despite the gap down, the fact that the day ended on a higher note than where it began indicates that the buyers are in control.
Nifty 50 opened negatively with a gap down of -139.45 pts (-0.70%). Despite this initial setback, the index quickly rebounded within the first 5 minutes, followed by a temporary dip.
As the day progressed, we noticed the index picking up steam and heading upwards. However, in the last few minutes, the index started to decline. In short, it was a volatile day.
At the end of the closing bell, Nifty 50 closed with -0.22%.
Key Observations:
- Despite the initial gap-down, the index found stability at the neckline, indicating a change in polarity where the former resistance becomes support. There are no signs of the index giving up; even the slightest gap downs/dips are were read as a buying opportunity.
- The fact that the day ended on a higher note than where it began indicates that the buyers are in control. Still, the bulls need to overcome a challenge that lies ahead at the 19800 - 19850 level.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- PRAKASH (+2.82%)
Quant Signals
Under the most popular configuration,
1. 'Quick Short' didn't generate a signal today as it didn't meet its quantitative metrics.
2. 'Back Up' closed with +0.67%.
Broker Signals
Below are the positions that were closed:
- ZOMATO (+15.3% in 2 months)
2. KKCL (+15.7% in 2 months)
3. NAM - INDIA (+14.4% in 2 months)
A popular broker has identified a new opportunity with the potential for a +13.7% upside. Click here to explore the signal.
Coming back to the report…
Data Points
The highest CE OI is 19800, and the PE is at 19700 levels. This suggests that the markets are expected to revolve around these in the upcoming session.
Levels Worth Monitoring Tomorrow
Based on data and price action, the range between 19850 and 19800 could pose a challenge for the bulls in the upcoming session.
Conversely, keep an eye on the support level at 19600. If this level is breached, it could signify a potential failure of the Head and Shoulders (H&S) pattern.
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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