Morning Mantra - 18th May 2023

Dear All,

So Yesterday we had seen the impact of the Bearish Engulfing pattern. As a result of which we did also observe a supply pressure in the Market, just as we had already stated yesterday itself.

However for today, we are expecting to witness a bounce back in Nifty. Wherein, it will be better to remain cautious, as today is the day of weekly settlement.

So, in such a situation avoid the unnecessary exposure in the Market and wait and watch for a clear cut direction from Nifty.

Where if Nifty gives a stable closing of above 18200, then it will be a good sign. Otherwise, with the Rebalancing of the Portfolio, we have to take a smart move for the upcoming days.

Happy Trading!
Happy Investing!

Regards,
Alok Daiya
SEBI Registered Research Analyst