Daily Stock Market Report: October 31
Nifty 50 has turned around from the resistance level which served as support last month. This confirms the further bearishness in the market
Nifty 50 opened positively with a gap-up of 92.05 pts (+0.48%). Despite the positive opening, the index fell sharply from its resistance level discussed in yesterday's report.
At the end of the closing bell, Nifty 50 ended lower and closed with a negative return of -0.32%.
As we approach the month's end, the Nifty 50 index concluded October with a negative performance.
Key Observations:
- Nifty 50 has turned around from the resistance level, which served as support last month. This phenomenon is commonly known as a "Change in Polarity".
- This confirms the further bearishness in the market, which will drag the index lower in the coming days.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- PSPPROJECT (+4.68%)
Quant Signals
Under the most popular configuration:
- 'Quick Short' ended the day with a loss of -2.05%.
- While 'Back Up' also ended negatively, posting a loss of -2.41%.
Broker Signals
All the signals recommended by the brokers are currently live.
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Coming back to the report…
Data Points
The highest CE OI is 19200, 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
In the lower time frames, Nifty 50 is currently taking support at yesterday's highs. If this level is breached tomorrow, we may see Nifty 50 touch 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.
