Morning Mantra - 7th of August 2023

Dear All,

The previous week was in a way quite terrific for us, as Nifty had somehow touched all of its important levels in a week itself, i.e. from 19800-19550-19300 approx.

Now, as per the current situation, Nifty has somehow taken a beautiful support at our earlier stated support level of 19300. Which is why, we are still quite optimistic for the psychological figure of 20000 once again, in the upcoming days, with a major resistance of 19800 as of now.

Furthermore, before 19800, we have to wait for the level of 19550 on closing basis, for at least 2 consecutive days, in order to get a clear cut indication regarding a further upside.

Meanwhile, we have to stay a little cautious with the stop loss of 19300 in the upcoming days.

Overall, it is better to be stock specific and to keep rebalancing your portfolio for now, since the Result Season is going on.

Regards,
Alok Daiya
SEBI Registered Research Analyst