Morning Mantra, 29th September 2022

Good Morning!

Currently, Nifty (16k,17k,18k) is somehow behaving like a teenager (16,17,18) behaves in the Festival Season. Full of volatility - emotionally and psychologically. Where after by a gap down opening of below our stated level of 16940, we saw an unsuccessful attempt by Nifty to cross over the stated level. Followed by a closing of near to the opening level of 16870.

Altogether, this is how we observed the fight between the bull and the bear yesterday. Which is well reflected by the Doji pattern on the Day chart.

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Overall 500 points volatility in a single day, the Doji formation and the stock specific momentum is altogether indicating a price correction environment. So keep patience, keep learning and enjoy the festivals.

Nifty Levels 15270-15400-15580-15800
-16200-16350-16700-17300 -17800
-18100-18350

Nifty’s Previous Day Closing - 16858.60 (-148.80)

Regards,
Alok Daiya