Morning Mantra, 26th April 2022

Good Morning,

After a gap down closing and lots of Doji formations on the chart, we can say that Nifty is somehow still trading in its consolidation phase. Which in turn, is creating a sense of cautiousness in the Market.

In fact, as per the current scenario, it will be better to avoid being too aggressive and to instead wait for the index to take a direction on the either side of below 16800 or above 17300.

However, we are still with our words that with 16800 as the support level, we are quite bullish on Nifty in the very short term.

Until then stay stock specific and go for the idea of cherry picking strategy with some cautiousness before making any fresh position.

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

Nifty’s Closing as on 25.04.22 - 16,953.95

Regards,
Alok Daiya