The Nifty50 opened on a positive note with a gap up of 35.85 pts (+0.18%) and stayed sideways within the range of 19600 - 19500 levels throughout the day.
By the end of the trading session, the Nifty 50 closed with +0.24%.
- Over the last 2 days in the daily time frame, we’ve seen narrow-ranged candles, indicating a lack of momentum and indecision in the market. For a healthy up move, we need momentum to kick in.
- Currently, it appears that the price is trading within a range of 19600-19200, and should it reverse from 19600, we anticipate the sideways movement to continue.
Below are the Top Movers from our Live Market Feed:
- ASHAPURMIN (+5.07%)
2. SURYODAY (-3.43%)
Talking about Quant models, under the most popular configuration, 'Back Up' didn’t generate a signal today as it didn’t meet its quantitative metrics. However, 'Quick Short' closed with a return of +1.39%.
The highest CE OI is at 19600, and PE at 19500 levels. This means markets are expected to revolve around these levels in the upcoming sessions.
Levels Worth Monitoring Tomorrow
- Looking at both data and price action, 19600 seems like a key level to watch in the next session.
- If the Nifty50 breaches the 19600 level, the path to 19800 may open up. However, if it retreats from 19600, expect a sideways movement.
Data and price action suggest that the 19600 level could be a challenge for the bulls. Hence, we can expect a sideways to bearish trend 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 making any investment decisions.
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