Morning Mantra - 27th March 2023

Dear All,

So, in the last week we had seen the importance of the 17180 level as a Resistance on a closing basis. Wherein, on not being able to sustain over the same, Nifty had shown us a further decline towards the level of 16945.

So, in overall Nifty is currently somehow consolidating between the levels of 17180 and 16800.

Furthermore, just as we had stated on the last Friday, that if the index fails to sustain above 17180, then we can expect the level of 16800 again. So, here we have to be a little cautious with the Cherry Picking strategy and a positive mindset that we can expect a bounce back with the support of 16800 on a closing basis.

Regards,
Alok Daiya
SEBI Registered Research Analyst