Morning Mantra - 13th April 2023

Dear All,

So finally yesterday, we had witnessed a wonderful rally of 1000 points in Nifty from the level of 16800 in the last 7-8 trading days. As Nifty had finally made a closing of above 17800, yesterday.

However, yesterday’s closing is somehow indicating us to be a little cautious here, as we can observe a hanging man formation on the day chart of Nifty.

Moreover, since today is the weekly settlement as well as the last trading day of this week and Nifty is currently trading at its crucial level of 17800, so there are chances that some profit booking can be witnessed in the Market today. So, altogether there’s a need to be a little cautious for today.

In the meanwhile, you can go for some portfolio rebalancing here and can follow the Cherry Picking strategy.

Last but not the least, let’s keep our fingers crossed and stay hopeful for a weekly closing of above 17800 in Nifty, today.

Regards,
Alok Daiya
SEBI Registered Research Analyst