Morning Mantra - 22nd June 2023

Dear All,

Yes it was a wonderful day yesterday. Yet it was somehow a confused one, as we can also observe the formation of a Doji pattern at this upper level.

Indeed we are very close to the level of 18888, and we are also observing the strength of this Crucial Resistance level, as Nifty is facing a lot of difficulty in crossing over above it. Where, once after Nifty successfully manages to cross over this level, then we can also witness the level of 19200, in the coming time.

Furthermore, these 2 trading days (i.e., Thursday & Friday) will somehow be very crucial for the Market. Besides, today is day of weekly settlement. So, in such a situation, “cautiousness” is the right word for the Market, as of now.

While on the other hand, a beautiful rally from many of the mid-cap stocks is indicating a mixed reaction of the Market and a perfect fight situation between the bull and the bear.

So here, Portfolio Rebalancing is an appropriate strategy to be followed. Also, be stock specific and keep following the Cherry Picking strategy, as of now.

Keep Trading!
Keep Investing!

Regards,
Alok Daiya
SEBI Registered Research Analyst