Daily Stock Market Report: September 12
After making a new all-time high, the Nifty50 opened with a gap up but soon got sold into and traded sideways for the rest of the day.
The Nifty 50 started the day positively, with a strong opening gap of 113.80 points (0.57%). A sharp sell-off was followed right after the opening bell, and the opening price marked the day's high. Throughout the trading session, it remained between 20100 and 19900.
After consolidating for several hours, it closed almost exactly where it closed yesterday, only 0.02% lower.
- Nifty 50 is currently moving in an ascending channel in the hourly timeframe, and 19900 is expected to hold and rebound for an uptrend to continue.
- If the price sticks to this pattern, it may hit 20200 levels in the upcoming trading sessions.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- TORNTPOWER (-1.67%)
Quant Signals
Under the most popular configuration, Quick Short closed with a significant return of +8.77%, while Back Up closed with -0.32%.
Broker Signals
Below are the positions that were closed yesterday from Broker Signals:
- PERSISTENT (+11.7% in 11 days)
2. EMAMILTD (+13.7% in a month)
Coming back to the report…
Data Points
The highest CE OI is at 20100, and PE at 19900 levels. This means markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
The data suggests a negative outlook for the next trading session. Still, we anticipate that 19900 will serve as a support level. Both the price and data indicate that 19900 is a crucial level to watch.
While the daily and hourly charts are still bullish, today's movement formed a triangular pattern when analyzed on a 5-minute chart. If the lower level of this pattern is breached, we could potentially see a decline to 19900.
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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