Nifty 50 opened negatively with a gap down of -82.55 pts (-0.42%). The index rallied for the first few minutes and turned around.
Throughout the day, the index was moving sideways. However, Nifty 50 ended the day with -0.42% at the closing bell.
- The index has breached below the neckline of the H&S pattern, confirming the potential failure.
- Nevertheless, the Nifty 50 is currently finding support at the recent swing lows, approximately around 19500.
- The next immediate resistance is at the previous gap at 19600 levels.
Today, there were no significant news events that influenced stock movements.
Under the most popular configuration:
- ‘Quick Short’ closed with -0.17%.
- ‘Back Up' closed with a significant gain of +3.26%.
- 'BTST' closed with a significant gain of +2.12%.
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Coming back to the report…
The highest CE OI is 19800, and the PE is 19500, suggesting that the markets are expected to revolve around these levels in the coming expiry.
Levels Worth Monitoring Tomorrow
Based on both the data and price action, keeping a close eye on the levels at 19600 and 19500 is crucial.
If the index drops below 19500, it could decline as far as 19350. Conversely, if the index manages to breach the 19600, it may encounter resistance around 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 making any investment decisions.
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