Morning Mantra, 16th May 2022

16 mag 2022

Good Morning!

On the last Friday, we had observed an exceptional day of huge volatility. Where we had witnessed a beautiful short covering within the 1st 4-5 hours of the Trading session and thereafter some profit booking from the Traders.

Well in accordance to the previous Morning Mantra updates, we know that a stable closing of above 15900 is very important for the Target of 16400, as of now.

However, since the index failed to cross over the stated level of Resistance on the last trading day, we are once again pushed back to our state of dilemma, where we must have to wait for a clear cut direction of either side Movement from the Market.

Until then, it will be best to stay cautious and to continue being stock specific.

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

Nifty’s Closing as on 13.05.22 - 15782.15

Regards,
Alok Daiya