Nifty 50 opened barely unchanged with a -12.40 pts (-0.06%) gap down. After a brief dip in the initial minutes, it steadily shot up and ended on a positive note with a 0.59% gain.
- The momentum has finally picked up, and the price has broken out of the trading range, any dips from here on are likely a buying opportunity for the bulls.
- Keep an eye on the 19800 level for potential short-term halts, while the 19650 level is anticipated to act as a support for any dips in the upcoming session.
Today, there were no significant news events that influenced stock movements.
- SYRMA: +20.7% in a month
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 +1.95%.
Coming back to the report...
The highest CE OI is at 19800, and PE at 19600 levels, meaning markets are expected to revolve around these levels in the next week.
Levels Worth Monitoring Tomorrow
Analyzing the price action, Nifty 50 has broken out of its recent trading range, indicating a bullish outlook for the upcoming week.
Keep an eye on the 19650 level as it might present buying opportunities in the event of a dip.
Disclaimer: The opinions expressed in this blog are personal views and should not be considered as financial advice. Please do your own research and consult with a professional before making any investment decisions.
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