Morning Mantra, 21st November 2022

Just as we had been stating in the previous week about being cautious, similarly we did observe Nifty to be in a consolidation phase during the previous week.

Well, for now, in a minor downtrend, we can observe a beautiful hammer formation on the Daily chart of Nifty. Which is somehow indicating that the Index can bounce from here and can reach up to the level of 18500.

However, reaching this level will not be so easy. Which is why we have been stating about being stock specific, until the index gives a closing of above the level of 18500.

Meanwhile, the level of 17800 will play a very crucial role as the level of support in Nifty for short-term.

Nifty Levels 15270-15400-15580-15800 
-16200-16350-16700-17300 -17800 
-18100-18350 
 
Nifty’s Previous Day Closing - 18307.65 (-36.25)

Regards, 
Alok Daiya