Daily Stock Market Report: September 4th
The Nifty50 opened with a gap up but ended higher by the closing bell, with a positive 0.48% return for the day.
Nifty 50 opened on a positive note with a gap up of 89.75 pts (0.46%) and quickly retraced after the opening bell, making a low around the previous resistance level, which had now transformed into support.
Following the intraday low, the index exhibited a strong recovery, steadily climbing throughout the day until the closing bell.
By the end of the trading session, the Nifty50 had closed with 0.48% for the day.
- At present, the Nifty 50 is taking support at previous resistance, and it is expected to act as support if the price turns around.
- And, if the price continues to inch higher from here on, a short-term resistance is expected at 19600 levels.
Spot Signals
Below are the Top Movers from our Live Market Feed:
- MAHSEAMLES (+1.63%)
Quant Signals
While 'Quick Short' concluded the day with a gain of +0.17%, 'Back Up' ended up with a loss of -0.73%.
Data Points
The highest CE OI is at 19600, and PE at 19400 levels. This means markets are expected to revolve around these levels in the upcoming sessions.
Levels Worth Monitoring Tomorrow
- A significant PE writing is witnessed at the 19500 strike price, which is expected to act as support as per the data.
- On the other hand, 19600 is expected to act as resistance. Both price & data suggest that there could be a momentary halt at this level.
Overall, the data & price suggest that there could be a bullish to sideways move in the upcoming session.
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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