Nifty 50 opened barely unchanged with a gap-up of 6.15 pts (0.03%). After an initial dip in the first few minutes following the opening bell, the index quickly recovered and sustained its upward trajectory, extending the positive momentum from Friday's rebound.
At the closing bell, the Nifty 50 concluded the day with a gain of 96.65 pts, or 0.49%
- The pullback in the index is approaching the resistance level, which is around 19250. It is expected to halt the current upmove.
- If the price turns around from this resistance, we may witness the Nifty 50 continuing the downward trend in the upcoming sessions.
- Additionally, in the hourly time frame, the most recent candles are narrowing, indicating a lack of strength in the upmove.
Today, there were no significant news events that influenced stock movements.
Under the most popular configuration:
- 'Quick Short' closed the day with a positive return of +0.33%.
- 'Back Up' also ended the day in the green, gaining +0.65%.
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Coming back to the report...
The highest CE OI is 19500, 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
The setup is still bearish; however, watch out for 19250 levels for potential turn-around points.
On the other hand, the immediate support is at 19080; if this is taken out, we may see Nifty 50 touch levels around 18900 in the upcoming session.
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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