Morning Mantra - 21st March 2023

Dear All,

So, by making a low of 16828 and by ultimately giving us a closing of 16988.40 yesterday, Nifty had once again shown us a bounce back from around the stated level of 16800, i.e., the same level on which a neckline formation is made.

Also, after the two consecutive days of doji formation, yesterday's hammer pattern formation is somehow indicating that Nifty can show us a bounce back from current level.

So as of now, keep following the cherry picking strategy and wait for a closing of above 17180 for any aggressive buying with the stop loss of 16800 on closing basis.

Regards,
Alok Daiya
SEBI Registered Research Analyst