Morning Mantra, 13th October 2022

On observing the yesterday’s trading session, we can say that Nifty is somehow still trading within our stated zone of 17170 and 16940. As with some volatility in the Market, Nifty made a low of around 16960 and a high of around 17140, yesterday. So, with this, we are still looking forward for an either side breakout or a breakdown.

Besides, we also observed that with the opening at a lower level, Nifty showed a beautiful recovery gradually in the Market, along with a profound stock specific momentum in many of the stocks.

Well as of now, since it’s a day of weekly clearing, so we will have to be cautious.

In the meanwhile, on the positive note, we can see a beautiful formation of a bullish harami pattern on the day chart of Nifty. So, we are positively hopeful for a breakout of above 17170 once again and also for some fresh new momentum in Nifty.

Nifty Levels 15270-15400-15580-15800
-16200-16350-16700-17300 -17800
-18100-18350

Nifty’s Previous Day Closing - 17123.60 (140.05)

Regards,
Alok Daiya