Yesterday we had seen the effect of the crucial support level of 19550. Where below this level, Nifty took a sharp dip towards our previous support level of 19300, and from 19300 we had also observe a sharp recovery of around 100 points in Nifty, yesterday itself.
Finally yesterday we did somehow witness a major impact of the shooting star formation, which was observed on a weekly chart of Nifty.
So, with Nifty’s pull back around our support level, the range of 19550-19300 now becomes activated.
Therefore, be cautious today and keep following the Cherry Picking strategy, for now. Moreover, if you had already been Rebalancing your Portfolio, then this is an ideal time to infuse back the capital, little by little.
Regards, Alok Daiya SEBI Registered Research Analyst