Morning Mantra - 17th May 2023

Dear All,

Since “Everyday is not a Sunday”, we can say that yesterday was indeed not a day in favour of the bulls.

However, witnessing this supply pressure at the upper levels yesterday, had somehow proven our statement of “Rebalancing the Portfolio”, to be absolutely on point, once again.

Besides, in this journey of speedy recovery from 16800 to 18400, observing such kind of a supply pressure is quite normal.

Furthermore, we are still with our words that with the stop loss of 17800, we are still quite bullish on the Market. Wherein, we have to discount such pullbacks from time to time.

As of now, the presence of a Bullish Engulfing pattern on the Day chart of Nifty is somehow indicating that a little more supply pressure at the upper levels, can be witnessed in the Market.

Therefore, taking these supply pressures on a positive note, go with the notion of Rebalancing your Portfolio and keep following the Cherry Picking strategy, for now.

Happy Trading!
Happy Investing!

Regards,
Alok Daiya
SEBI Registered Research Analyst