Daily Stock Market Report: September 28
Despite opening positively, the Nifty50 plummeted and closed the day with a negative 0.98% return. Get more insights here.
Nifty 50 opened on a positive note with a gap-up of 45.35 pts (+0.23%). However, within the first few minutes of trading, the price experienced a brief dip and attempted recovery.
Unfortunately, the recovery efforts were unsuccessful, and the bears maintained control the entire day. By the end of the session, the Nifty 50 closed at -0.98%.
Key Observations:
- The current downward trend has broken through the 19,600 support level. The next important support level to monitor is at 19200, which is the previous swing low. Should there be a rebound from this point, the next resistance levels are between 19800 and 19750.
- In the event that the price reaches 19200 in the coming month, there's a possibility of observing a classic double top pattern forming.
Spot Signals
Below is the Top Mover from our Live Market Feed:
- KSB (-2.35%)
Quant Signals
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 significant gain of +3.6%.
Broker Signals
Below is the position that was closed:
- UJJIVANSFB (+21.9% in 2 months)
Popular brokers have identified new opportunities that could give potential gains of +11.7% and +14.5%. Click here to explore these signals.
Coming back to the report…
Data Points
The highest CE OI is at 19700, and PE at 19200 levels. This means markets are expected to revolve around these levels in the coming week.
Levels Worth Monitoring Tomorrow
In the hourly time frame of Nifty 50, we observe a divergence pattern where the price is declining while the momentum indicator is making higher highs. This multiple divergence phenomenon in the short-term trend hints at a forthcoming rebound, which may halt at 19800 -19750 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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