Morning Mantra - 17th July 2023

Dear All,

Finally Nifty took a breakout of above 19550 level on weekly basis, which indeed is a very good sign as of now.

Wherein, no doubt IT & Metal Industry have somehow contributed in this uprise. Moreover, we are now expecting the same from few other sectors as well, in the upcoming week.

As of now, we are still with our words that portfolio rebalancing and Cherry picking will be a good idea here, with the stop loss of 19300 on immediate basis and 18700 on medium term.

Furthermore, since the Result season has just started, therefore we have to remain a little cautious here.

Happy Trading!

Regards,
Alok Daiya
SEBI Registered Research Analyst