Daily Stock Market Report: September 1st
After a week of tiny movements, the Nifty50 ended the day with a jump of 0.94%. Know the factors affecting the markets and more.
Nifty 50 opened barely unchanged with 4.35 pts gap up (+0.02%), marking its opening level as the day’s low, and headed on the upside, breaching the 19300 level resistance.
It was a roaring intraday move, closing with +0.94% for the day.
- Today’s up move was halted at the previous swing highs, which will currently act as a resistance level, around 19450 (Marked below).
- Keep an eye on whether the market moves sideways or continues its upward journey from here. If it manages to surpass the 19450 level, it may encounter short-term halts at 19650-19600 levels.
- On the lower side, the support remains at 19250-19200 levels.
Spot Signals
Below are the Top Movers from our Live Market Feed:
- ITDCEM (7.82%)
2. GENSUPOWER (4.99%)
Click here to learn more about Spot Signals.
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Quant Signals
Talking about Quant models, 'Back Up' didn’t emit a signal today as it didn’t meet its quantitative metrics. However, 'Quick Short' closed with a return of +1.31%.
Data Points
The highest CE OI is at 19600, and PE at 19300 levels. This means markets are expected to revolve around these levels for the next week’s expiry.
Levels Worth Monitoring Tomorrow
Overall, both the price and data appear to be bearish, as 19300 is expected to act as a key support level to prevent further declines in Nifty50.
Nevertheless, if the market surpasses the 19450 level, keep an eye on the possibility of reaching 19650 - 19600 levels in the coming week.
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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