Morning Mantra - 8th May 2023

Dear All,

In the last week, we had indeed witnessed a lot of volatility in the Market, where on the one hand we had observed a beautiful breakout of 18200 level on the day basis. While on the other hand, a huge supply pressure was observed on the last trading of the previous week. After which Nifty is now almost very near to its immediate support level of 18000.

For now, yes there’s a little disappointment, as we can observe the formation of a shooting star pattern on both the Weekly as well as on Day chart of Nifty. Which altogether is somehow indicating that the Market can face a little pressure in the upcoming days.

So yes, now once again it has become very important to witness a closing of above 18200 on day as well as weekly basis. Until then, you can go for Portfolio Rebalancing with the support level of 18000. Below which the level of 17800 will once again become very effective.

Regards,
Alok Daiya
SEBI Registered Research Analyst