Morning Mantra, 12th May 2022

Good Morning!

In the yesterday’s trading session, we got to witness a short and a sharp covering from the day’s low of 15990 approx. Not just that but we also very well witnessed a sharp recovery in some of the stocks during the last 2 trading hours of the Market.

As of now, a very beautiful hammer formation (a positive sign) can be seen on the daily chart. However, it is being expected that Today will again be a very crucial day for the Market, as it’s a day of weekly settlement. Thereby, there’s a need to stay cautious as the Market is already trading in a very narrow range of 16400-15850.

So, stay cautious and continue being stock specific, as it will be better idea for Today as well. We somehow wish that today’s Market will somehow clarify its next move for the upcoming days.

Nifty Levels 15580-15800-16200-16350
-16800-17200-17400-17700-17900-18000-18350

Nifty’s Closing as on 11.05.22 - 16167.10

Regards,
Alok Daiya