Morning Mantra - 18th August 2023

١٧ أغسطس ٢٠٢٣

Dear All,

Just as we had stated in our Previous Morning Mantra update about our expectation on Nifty creating some cautiousness in the Market. Likewise the same was witnessed yesterday itself. As after a flat to negative opening, the Market showed us a further decline in its levels.

Moreover, today is the last trading day of the week. Besides, on the weekly chart, we can now observe a Doji formation.

Wherein, as per our expectation, it will somehow be better to witness the same flat closing today as well. As it can show us a positive reversal in the upcoming days.

While on the other hand, if in case Nifty gives a closing of below 19300, then we will have to work on our Portfolio as thereafter we can get to witness some further panic in the Market.

Same in the case of BankNifty, as even here we can observe a Doji formation on the Day chart. Where, on the positive side, the Index didn’t break through its support level of 43800 on closing basis, yesterday. So, the levels of 44444 and 43800 will remain to be the important levels for BankNifty, as of now.

Keep Trading!
Keep Investing!

Regards,
Alok Daiya
SEBI Registered Research Analyst