Nifty 50 opened on a positive note with a gap up of 53.35 pts (+0.27%) and hitting a fresh all-time high around 20200 levels.
Overall, the week concluded on a positive note with a +0.44% return.
- On the daily chart, the Nifty 50 is forming narrow-ranged candles, indicating indecisiveness and lack of momentum.
- This situation presents a less favourable risk-reward scenario for the bulls to add to their existing long positions. As a result, we may observe short-term profit-taking in the upcoming sessions.
Below is the Top Mover from our Live Market Feed:
- SHAKTIPUMP (+9.06%)
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 loss of -3.87%.
Below is the position that was closed yesterday:
- CHOLAFIN (+12.6% in a month)
Coming back to the report…
The highest CE OI is at 20200, and PE at 20100 levels. This means markets are expected to revolve around these levels in the upcoming session.
Levels Worth Monitoring Tomorrow
Both CE & PE participants have built significant OI positions at ATM strike prices, indicating a potential struggle between bulls and bears. The market direction could be influenced by notable unwinding at these ATM strike prices.
Furthermore, any declines from current highs are anticipated to find support around the 20000 level.
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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