Nifty 50 opened barely unchanged with a gap-up of 8.95 pts (0.05%). Despite the opening, the index witnessed a sharp fall today.
At the closing bell, Nifty 50 closed with -0.73%
- As highlighted in the report from yesterday, the Nifty 50 is presently consolidating within the range of 19650 to 19850.
- Significant market movement can be anticipated if either the 19850 or 19650 levels are breached.
- The red wide-ranged candles in today's hourly time frame indicate the bear's strength, increasing the likelihood of a support break in the upcoming session.
Today, there were no significant news events that influenced stock movements.
Under the most popular configuration:
- ‘Quick Short’ closed with a significant gain of +1.17%
- ‘Back Up’ ended with a loss of -2.45%.
The listed position below has been closed:
- ZOMATO (+21.99%)
Coming back to the report…
The highest CE OI is 19800, and the PE is at 19600 level, suggesting that the markets are expected to revolve around these in tomorrow’s expiry.
Levels Worth Monitoring Tomorrow
We're observing notable CE writing at ATM strike prices, while PE writers have hardly added any positions today.
Considering the data and price action, our outlook for tomorrow is slightly bearish, focusing on monitoring the 19600 level for potential intraday price pauses.
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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