Morning Mantra - 25th April 2023

Dear All,

It was an amazing day yesterday. Wherein, we had observed that after a gap up opening of 17707, Nifty had made a day’s low of 17612 and had thereafter made a sharp recovery from that level.

Overall on the hourly chart of Nifty, we can now observe a head & shoulder formation. Wherein, the level of 17800 can be considered as its neckline. Above this level of 17800, we can see Nifty for the level 18134 approx in the near term.

Until the time we witness a closing of above 17800, we are still with our words to keep following the Cherry-picking strategy with the stop loss of 17300, as of now.

Besides, the conservative players can go for fresh accumulation only after witnessing a beautiful and a strong closing of above 17800.

Regards,
Alok Daiya
SEBI Registered Research Analyst