Nifty 50 opened positively with a gap-up of 111.45 pts (0.56%). However, within the first 5 minutes, the index witnessed a decline and then traded sideways until noon.
However, the index experienced a sharp decline in the second half, partially filling the opening gap. But in the final moments of trading, it staged a recovery and closed with a gain of +0.40%.
- Despite the opening gap, the Nifty 50 struggles to cross the 19850 resistance level. Our outlook remains sideways until and unless the index crosses the 19850.
- The index appears to be moving into a range of 19850 - 19650 levels. Should the downward trend persist tomorrow, we may anticipate the index reaching the 19650 level in the upcoming sessions.
Below is the Top Mover from our Live Market Feed:
- JKIL (+3.62%)
Under the most popular configuration
- 'Back Up' didn't generate a signal today as it didn't meet its quantitative metrics.
- 'Quick Short' closed with +0.39%.
The listed positions below have been closed:
- RAMCOCEM (+18.2% in 2 months)
2. MARUTI (+11.1% in 2 months)
3. LUPIN (+11% in 2 months)
The highest CE OI is 20000, and the PE is at 19700 level, suggesting that the markets are expected to revolve around these in the upcoming session.
Levels Worth Monitoring Tomorrow
The Nifty 50 is currently confined within a range of 200 points. We will only witness a continuation of the trend if it manages to surpass the 19850. Until that happens, our outlook on the market remains sideways.
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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