Morning Mantra - 20th July 2023

Dear All,

So yesterday was altogether a roller coaster day for the Market, where Nifty opened at 19802.95, then gradually made a low of 19727.45 during the day and then finally gave us a positive closing of 19833.15

However, the formation of a Hanging Man pattern on the Day chart setup is somehow indicating that a little supply pressure can be witnessed here, once again.

Moreover, since today is the day of weekly settlement, therefore being cautious here, will be a better idea as the day can be crucial today. Also, can avoid being too aggressive regarding the Market.

Furthermore, with the stop loss of 19550-19300 on immediate basis, can keep following the Cherry Picking strategy as of now.

Regards,
Alok Daiya
SEBI Registered Research Analyst