Morning Mantra - 20th June 2023

19 มิ.ย. 2023

Dear All,

Even after making a high of 18881.45 yesterday, Nifty had somehow failed to crossover the level of 18888 that we had stated on the 14th of June, 2023 as well as yesterday.

Moreover, as per the Day chart setup, we can now observe the formation of a Dark Cloud Cover, which being a bearish indicator can bring some weakness in the Market as of now.

While on the other hand, as per the hourly chart setup, we are quite optimistic about witnessing a bounce back Today.

So overall, Today will be a very crucial day for the Market, once again. Besides, one might wonder the reason behind witnessing so many crucial days. Well that’s because we are now very near to the Fresh New High, where it is quite natural to witness a huge volatility at the upper levels.

Therefore, as of now, we have to stay cautious and continue rebalancing your portfolio along with following the Cherry picking methodology.

Last but not the least, with the support level of 18400 we are quite optimistic for the Market. On the other hand, the level of 18888 remains to be the crucial Resistance level for the Market, as of now.

Regards,
Alok Daiya
SEBI Registered Research Analyst