Morning Mantra - 27th February 2023

Dear All,

Finally, once again we had witnessed the importance of the 17800 level in the last week. Wherein, as expected after breaking through this level, Nifty showed us a sharp downfall as it made a low of 17421, on the previous trading day.

Besides, just as we had stated in the previous week itself, that Nifty is getting reading for the level of 17320 once again. The same level which was the support level of Nifty, 2-3 weeks ago. Similarly, we can now state that Nifty's range has somehow shifted to 17320-17800 once again.

Although we do not want you to panic, but if Nifty breaks this level of 17320 then we can see a further sharp downfall towards the level 16800.

So, for the strong side of Market sentiments, the bulls have to at least sustain this crucial level of 17320, for now.

In the Meanwhile, continue being stock specific till the next announcement.

Regards,
Alok Daiya
(SEBI Registered Research Analyst)