Morning Mantra - 8th February, 2023

Dear All,

Just as we had stated yesterday, similarly we did witness some selling pressure in the Market yesterday itself.

Wherein, once again even after making a high of 17811.15 in the initial Market hours yesterday, Nifty failed to sustain above its stated Resistance level of 17800 and ultimately gave a closing of 17721.50

Therefore, we can observe the importance of the 17800 level. Just as strong as it was as a level of support earlier, similarly it is now proving to be a strong level of Resistance for the Market.

Besides, with the support level of 17320 we are still hopeful.

Moreover, this may be due to the Results season and post budget effect that Nifty seems to be confused once again. So, having a little patience will be beneficial for now. Until the time Nifty decides its direction towards either a breakdown of 17320 level or a cross over of above 17800.

So, in the meantime, continue being stock specific.

Regards,
Alok Daiya