Morning Mantra, 17th May 2022

Good Morning!

As we can see since the last 3 Trading Days, Nifty is trying its best to cross above the level of 15900, but is unfortunately failing to do so. Which somehow raises a concern. As not being able to cross over 15900, might very soon open the gateway to the level of 15580.

Moreover, once the Index manages to cross over 15900, then the next Resistance level will be of around 16400 in the nearest term.

Currently, the choppy trade of the yesterday’s trading session, is somehow suggesting us to be very cautious once again, because Nifty is trading in a very narrow zone. Where, it has become very important to witness a closing of above 15900 for at least the upcoming 2-3 consecutive days.

Until then, be quite cautious and be stock specific.

Nifty Levels 15580-15800-16200-16350
-16800-17200-17400-17700-17900-18000-18350

Nifty’s Closing as on 16.05.22 - 15842.30

Regards,
Alok Daiya