Morning Mantra, 21st December 2022

Good Morning!

Just as we had stated yesterday about waiting and watching the market's momentum along with the support level of 18170. Similarly, we did observe how beautifully the Index took a bounce back from the stated support level, as it made a low of around 18202, yesterday.

Moreover, it was also observed that even after making a high of around 18404, the index couldn't sustain above the level of 18400 on closing basis. Which altogether indicates that the Market is currently trading in a range bound, i.e., between the levels of 18170-18400.

Well for now, we can observe the formation of a hammer pattern on the Daily chart of Nifty, which yet again brings us the positive hope for a bounce back.

Besides, just as we have been stating these days about our expectation that the Market will continue to trade in its range bound zone for the upcoming 10-15 days. So, be stock specific and continue with the rebalancing of your portfolio for now.

Nifty Levels 15270-15400-15580-15800 
-16200-16350-16700-17300 -17800 
-18100-18350 
 
Nifty’s Previous Day Closing - 18385.30 (-35.15)

Regards, 
Alok Daiya