The Nifty 50 opened positively with a gap up of +57.65 pts (+0.3%). During the first half, it made an impressive gain of over 100 points, but in the final two hours, it experienced a significant retracement, giving up more than 50% of its earlier gains.
Despite the fall, the Nifty 50 managed to end the day in positive territory, closing with a gain of +0.59%.
- In the short term, monitoring the price levels between 19550 and 19600 is essential, as this range serves as a pivotal support zone. These levels may be potential reversals in the upcoming trading sessions.
- The 19800-19750 price levels continue to be a resistance. We may see a sideways movement if these levels remain unbroken in the upcoming sessions.
Below is the Top Mover from our Live Market Feed:
- LIKHITHA (+2.30%)
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 +0.17%.
Below is the position that was closed:
- TRITURBINE (+12.8% in 20 days)
A popular broker has identified a new opportunity with a potential gain of +18.4%. Click here to explore the signal.
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 in the upcoming session.
Levels Worth Monitoring Tomorrow
The 19600 level has seen a significant number of contracts accumulated on the PE side, suggesting that it may provide support in the upcoming session. Any price declines to this level present an opportunity for intraday traders to consider entering long positions.
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.
Interested in getting these reports in your mail? Click on the subscribe button below now!