Morning Mantra, 6th June 2022

Good Morning!

A beautiful positive Friday morning turned into a negative and a disappointing afternoon. As even after a opening at around 16761, Nifty was unable to sustain above the level of 16700 by the end of the day and we observed a huge supply pressure near the stated resistance level.

So, as of now, Nifty is still trading in its consolidation zone of 16400-16700. Where, for the next move we need a quite clear indication of an either side direction, i.e., either a breakout of above 16700 or a breakdown through 16400.

Until then, we have to be very stock specific, as of now. Moreover, as the sentiments for the Market is still quite positive, so Cherry Picking strategy can still be followed.

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

Nifty’s Closing as on 03.06.22 - 16584.30

Regards,
Alok Daiya