Morning Mantra - 6th March 2023

Dear All,

We have got 2 positive takeaways from last Friday. One was a beautiful bounce back from the level of 17300, and the other was observing the hammer formation on the weekly chart of Nifty.

Well, as we had already stated in the Friday's Morning Mantra that this time after observing a closing of above 17300 level, we can expect to witness a sharp recovery in the Market. Likewise, we did observe the same on the last Friday itself.

Furthermore, now the level of 17800 will once again work as a strong resistance level for the Market. Above which, the levels of 18170 and 18400 will be the crucial ones.

Besides, with the support of 17300, following the Cherry Picking strategy will be the best methodology as of now.

Regards,
Alok Daiya
(SEBI Registered Research Analyst)