Nifty 50 opened barely unchanged with a gap-up of 8.25 pts (0.04%). It remained sideways throughout the day. By the end of the session, Nifty 50 closed slightly lower, down by about -0.05%.
- In the short-term view (hourly chart), the Nifty 50 is finding support at its recent swing highs, indicating a likelihood of maintaining stability at the 19600 level. Looking at the broader picture (daily chart), this support aligns with the 50-day EMA, further reinforcing its significance.
- The candlestick patterns from the recent daily trading sessions show a High-wave and narrow-range candle, implying a temporary halt in the short-term downtrend. The price needs to break through the 19750 - 19800 range to resume the upward momentum.
Below are the Top Movers from our Live Market Feed:
- VOLTAMP (-5.22%)
2. NIRAJ (+1.83%)
Under the most popular configuration, Quick Short closed with a solid gain of 4.12%, while Back Up closed with 0.44%.
All the signals recommended by the brokers are currently live.
The highest CE OI is at 19800, and PE at 19600 levels. This means markets are expected to revolve around these levels for the upcoming session.
Levels Worth Monitoring Tomorrow
There is a notable CE writing at the 19700 strike price, suggesting a potential price resistance at this level. It appears that the market might stay sideways, mostly trading between 19700 and 19600 levels.
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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