Morning Mantra - 18th April 2023

Dear All,

Yesterday was a day where we had once again witnessed the significance of 17800 as a crucial level of Resistance.

Also, a huge supply pressure that was observed yesterday, is somehow indicating that the Market is currently in a rangebound of 16800-17800. Besides, a perfect bearish engulfing pattern on the day chart of Nifty, is somehow indicating that it will be very important to witness a perfect closing of above 17800, for now. Moreover this time, the closing must be much stronger in terms of the level.

So, for those who are very bullish on the Market and believe in the Indian growth story can follow the Cherry picking strategy with 17300 as a level of stop loss. Whereas, for those who are the New Entrants, can wait for a fresh and a solid breakout of 17800 level for fresh accumulation in the Market, as of now.

Regards,
Alok Daiya
SEBI Registered Research Analyst