Morning Mantra - 10th July 2023

Dear All,

In the previous week, we had overall witnessed a mixed momentum in the Market. Where on the one hand, Nifty had made a Fresh New High of 19523.60, and on the other hand it also showed us a significant supply pressure.

Although, this supply pressure witnessed at the upper levels, in the previous week was quite natural, as the Market was at its Fresh New High.

Well for now, we can observe a Shooting Star formation on the Day as well as Weekly chart of Nifty. So here again, we are expecting to witness a little selling pressure.

But somehow on the positive note, it is being expected that BankNifty can play a crucial role, this week as well.

Therefore, now we have to give some time to the Market to take a pause, and both the Traders as well as the Investors, need to patiently watch for the final Market Momentum, throughout this crucial week.

Besides, we are still with our words that with the stop loss of 19200 and 18700, keep Rebalancing your Portfolio and keep following the Cherry picking strategy, as of now.

Regards,
Alok Daiya
SEBI Registered Research Analyst