Morning Mantra - 8th August 2023

Dear All,

Yesterday we had got to witness a gap up opening with ultimately a flat closing, in Nifty.

Also, just as we had stated yesterday itself about the need to witness a closing of above 19550 for about 2 consecutive days in order to witness a new positive momentum. Similarly, on the positive note we had fortunately witnessed a closing of above 19550 yesterday.

So, accordingly today as well, we would require a closing of above 19550 in Nifty. Where in the meanwhile, on the upper side 19800 will be a strong resistance level with the support of 19300 once again.

Furthermore, the Market will now have to decide its final direction. Until then, it is better to be stock specific as the Result season is still going on.

Regards,
Alok Daiya
SEBI Registered Research Analyst