Daily Stock Market Report: October 23
Currently, the index rests at a significant support level which is around 19200, although the candle pattern does not favor the bulls. Read on to learn more.
Nifty 50 opened negatively for the day with a gap down of -21.05 pts (-0.11%). From the opening, we observed the index declining in the first few minutes; the trend continued at a very slow pace until 2 p.m.
Following this, there was a sharp fall in the index, primarily attributed to the performance of Media, PSU, and Metal stocks.
By the closing bell, Nifty 50 had concluded the day with -1.34%.
Key Observations
- Nifty 50 reached the 19350 level, as indicated in Friday's report.
- The index rests at a significant support level around 19200, although the candle pattern does not favour the bulls. The wide-range candle observed today indicates the bears' dominance.
- If 19200 is breached, we may see Nifty 50 reaching 19850 in the upcoming days.
Spot Signals
Below are the Top Movers from our Live Market Feed:
- GENUSPOWER (-5.47%)
- TCI (-3.34%)
Quant Signals
Under the most popular configuration:
- ‘Quick Short’ closed with a significant gain of +5.01%.
- ‘Back Up’ ended with a loss of -3.52%.
Broker Signals
All the signals recommended by the brokers are currently live.
However, popular brokers have identified new opportunities with the potential for a double-digit gain. Click here to explore the signal.
Coming back to the report…
Data Points
The highest CE OI is 19600, and the PE is at 19000 levels. This suggests that the markets are expected to revolve around these in the upcoming session.
Levels Worth Monitoring Tomorrow
We have observed significant PE writing at the 19200 strike price, which is expected to act as a support to the current downward movement. This level aligns with previous swing lows in the price action, emphasizing its importance.
Both data and price action suggest that 19200 is a crucial level to monitor closely.
If this level is breached, it would signal a support break in the daily charts, which could be concerning in the medium-term outlook.
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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