Dear All,
Just as we had stated in our previous Morning Mantra update, about the struggle of Nifty at around the crucial level of 18200, similarly, we did also witness a closing of just around the stated level, i.e., at 18203.40
However, as of now, observing the pattern of a Long Legged Doji on the Day chart of Nifty, somehow indicates the probability of a reversal from here.
So, once again with the stop loss of 17800, if Nifty manages to stably sustain above this crucial level of 18200, then we can expect to witness a new high in the upcoming days. Otherwise, we will have to go with another suitable strategy.
In the Meanwhile, keep rebalancing your portfolio.
Regards,
Alok Daiya
SEBI Registered Research Analyst