Morning Mantra - 24th April 2023

Dear All,

It will somehow be a very crucial week for us, as we can observe a bearish engulfing pattern on the weekly chart of Nifty. Also, a strong Resistance is being faced at the level of 17800.

So, as of now we have two sides, i.e., to consider the level of 17300 as a level of support and the other being, to enter the Market after witnessing a weekly closing of above 17800, with more confidence and more positive volume.

Still we are with our words, that the aggressive market participants can keep following the Cherry Picking strategy with the stop loss of 17300, and the conservative participants can wait for a breakout of 17800 level, for any fresh buying.

Regards,
Alok Daiya
SEBI Registered Research Analyst