Morning Mantra - 24th July 2023

Dear All,

Just as we had stated in our last Morning Mantra update on Friday, that since the Index had almost achieved its psychological target of 20000, therefore a little profit booking is expected to be witnessed at the current levels. Likewise, the very same was observed on Friday itself, since after showing a Gap Down opening, we got to see a substantial selling pressure in Nifty.

Well, now we can observe the formation of a Shooting Star pattern on the weekly chart of Nifty. So, a little more supply pressure can be witnessed here from the current levels.

Furthermore, the level of 19550 which earlier was a level of Resistance, will now work as a level of support for the Market.

Besides, since the overall market sentiments is still positive with the stop loss of 19550. Therefore, can keep following the Cherry picking strategy and can continue Rebalancing your Portfolio, as of now.

Regards,
Alok Daiya
SEBI Registered Research Analyst