Morning Mantra, 18th November 2022

17. Nov. 2022

So, once again we can observe a Doji formation on the Daily chart of Nifty, which however is indicating a fight between the demand and supply and a state of confusion in the market regarding the indices next move.

Besides, just as we had stated in the beginning of this week, about the hanging man formation which was indicating a weakness in the market, as per the technical parameters. While on the other hand we did also state about the positive sentiments of the market which had been indicating a new high in Nifty very soon.

Altogether, due to this we are witnessing some stock specific momentum these days.

Furthermore, we do need to witness a stable closing of above 18410 on a weekly basis. Which will somehow support the market for the next move on the upper side in the upcoming week.

Meanwhile, with fingers crossed be stock specific and since today is the last trading day of this week so be a little bit cautious as well.

Nifty Levels 15270-15400-15580-15800 
-16200-16350-16700-17300 -17800 
-18100-18350 
 
Nifty’s Previous Day Closing - 18343.90 (-65.75)

Regards, 
Alok Daiya