Morning Mantra - 23rd August 2023

Dear All,

So the consolidation is still continued in the Market and in such a situation it becomes quite difficult to predict the next move.

However, we still have the hope of 19300 as the level of support, while on the other side 19550 as the strong resistance level.

Therefore, Cherry Picking and Portfolio Rebalancing are the only ways to sustain in such kind of a Market, as of now.

Furthermore, over the last 2 days on the weekly chart of Nifty, we have observed a very impactful positive chart setup, while on the Day chart we can once again witness a Doji Formation.

So, with fingers crossed we are hoping for the best.

Regards,
Alok Daiya
SEBI Registered Research Analyst