The Nifty 50 started the day on a bearish note, opening with a gap down of -27.65 points(-0.14%). Within the first hour of trading, the price reached its lowest point of the day.
However, following this initial dip, it embarked on an upward trajectory, ultimately ending the day positively with +0.26%.
- Following six consecutive days of declines, the Nifty 50 rebounded and closed in positive territory. Furthermore, it closed above the 19600 level highlighted in yesterday's report.
- The 50-day Exponential Moving Average (EMA) & the support (Previous swing highs) continue to hold. To sustain the upward momentum, it is essential for the price to breach and maintain levels above 19750 - 19800.
Today, there were no significant news events that influenced stock movements.
All the signals recommended by the brokers are currently live.
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 gain of +1.99%.
Coming back to the report…
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 expiry.
Levels Worth Monitoring Tomorrow
Today, a substantial number of contracts have been added at the 19700 PE strike price, creating a notable support level for tomorrow's expiry in case the price experiences momentary dips.
Our outlook for tomorrow’s expiry remains positive, and the price may revolve around 19800 - 19700 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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