Morning Mantra - 27th April 2023

Dear All,

So, Finally yesterday we got to witness a closing of just above the level of 17800, i.e., around 17813.60
But somehow this closing does not seem to provide much conviction.

Besides, on observing the formation of a Hanging Man pattern on the day chart of Nifty, raises the need to stay cautious here. Yes, this need of cautiousness is expected to exist for this week, as we had already stated in the Monday’s Morning Mantra update.

As of now, following the Cherry picking strategy and booking profit will be a good idea here.

Furthermore, let us wait for 2 more trading days and keep our fingers crossed for a convictional weekly closing of above 17800. As only after that, we can expect to see the level of 18130 in the near term.

Regards,
Alok Daiya
SEBI Registered Research Analyst