Morning Mantra, 26th August 2022

Good Morning,

Just as we had expected, similarly the 1st half of the Market was quite bullish yesterday. However, after which the Market went into a consolidation in a +100 points zone. Followed by a sudden profit booking, the index ultimately gave us a negative 100 point approx closing

Well as of now, it is suggested to not panic here, since we are still quite bullish on Nifty with the stated stop loss of 17300 on closing basis. Moreover, being a Friday we will have to be little cautious because today’s closing will somehow suggest us a new direction of the Market.

As somehow the index has been facing a strong Resistance at this upper level of 17600-17900. So, a little bit of consolidation is quite natural here. Therefore, continue being stock specific and follow the cherry picking strategy as of now.

Nifty Levels 15270-15400-15580-15800
-16200-16350-16800-17200-17400
-17700-17900-18000-18350

Nifty’s Previous Day Closing - 17522.45 (-82.50)

Regards,
Alok Daiya