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.
Below are the Top Movers from our Live Market Feed:
- MAHSEAMLES (+1.63%)
While 'Quick Short' concluded the day with a gain of +0.17%, 'Back Up' ended up with a loss of -0.73%.
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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