Morning Mantra, 6th July 2022

Good Morning!

It has been quite a few days now that Nifty has been repeatedly following a pattern of not being able to cross over the crucial Resistance levels of 15850-15950 on a closing basis. On the other hand, on a positive note, it has also been beautifully taking a support at our stated level of 15700. Thereby, indicating some hope & positivity in the Market.

As even yesterday, even after making a beautiful high of around 16025 in the first half, Nifty had somehow failed to stably sustain over the stated levels of 15850-15950 on a closing basis. Which has, once again created a concern.

Therefore, on considering this rigid cycle of momentum by Nifty, we will have to stay cautious as of now, and wait for Nifty to take a clear cut direction of either above the Resistance zone of 15850-15950, or below the strong support level of 15700 on a closing basis.

So, until then, continue being stock specific as of now.

Nifty Levels 15270-15400-15580-15800
-16200-16350-16800-17200-17400
-17700-17900-18000-18350

Nifty’s Previous Day Closing - 15810.85 (-24.50)

Regards,
Alok Daiya