Morning Mantra, 5th August 2022

Good Morning!

A bearish pattern formation, named as Hanging Man on Nifty’s Day chart, is somehow indicating Today to be a profit booking Day. So, be a little cautious.

Although profit booking at the current levels is quite natural. Besides, with the support level of 16700, the overall sentiments of the Market still seems to be quite positive.

Also, as per our observation, from the past few days most of the stocks are at their respective resistance zone. Which altogether can also create a selling pressure on the Market for a very short term.

Happy Investing!

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

Nifty’s Previous Day Closing - 17382 (-6.15)

Regards,
Alok Daiya