Morning Mantra - 26th April 2023

Dear All,

So finally yesterday, Nifty had touched the level of 17800. However, being unable to sustain over the same, it failed to give us a closing of above the stated level, and ultimately we got to witness a closing of 17769 approx. Besides that, we had also witnessed a selling pressure in many of the stocks, yesterday.

Well Just as we had already stated in our Monday’s Morning Mantra update, regarding our expectation of this week being crucial. Similarly, the presence of the Doji formation on the chart of Nifty is somehow indicating the probability of witnessing a reversal in the Market, as of now.

So be cautious!

In the meanwhile, the aggressive players can continue to consider the level of 17300 as the level of stop loss. While the conservative players will still have to wait in order to witness a beautiful and a strong closing of above 17800.

Regards,
Alok Daiya
SEBI Registered Research Analyst