Morning Mantra - 19th May 2023

Dear All,

Once again we had seen the appropriateness of our Morning Mantra update, wherein a bounce back along with some cautiousness was predicted yesterday. Likewise the same was witnessed in the Market yesterday itself, as after a gap up opening in Nifty, a supply pressure was also observed at the upper levels.

Overall, Nifty seems to be struggling at around this level of 18200. Besides, it is this crucial level at which there is a fight going on between the bull and the bear.

Therefore, we are still with our words that we need to witness a stable weekly closing of above 18200 once again. On the other hand, if somehow Nifty is unable to do so, then we will have to become very cautious and apply another suitable strategy.

Till then, Keep Trading and Keep Investing!

Regards,
Alok Daiya
SEBI Registered Research Analyst