Morning Mantra - 24th May 2023

2023年5月23日

Dear All,

Just as we had stated yesterday, about witnessing the formation of a Morning Star Doji, consequently we did also observe a gap up opening in Nifty, along with a positive momentum in the Market.

However, unfortunately Nifty was somehow unable to crossover the high of the past 4-5 days. Besides, we can now observe the formation of a Doji pattern on the upper levels of Nifty, which altogether is indicating a reversal from here.

In the meanwhile, the level of 18200 will continue to play a very crucial role, as of now. Above which, we are indeed ready to witness a new high in the upcoming days. Whereas, on the lower side, the level of 17800 will be the crucial support for Nifty.

Furthermore, since Nifty is currently trading in a narrow range of 18450 to 18200, so an either side breakout or breakdown is quite important here, for the Market Participants.

Until then, Portfolio Rebalancing will be a good idea. Besides, following the Cherry Picking strategy will be like a Cherry on the Cake.

Happy Trading!
Happy Investing!

Regards,
Alok Daiya
SEBI Registered Research Analyst

2023年6月28日

註釋

Yippee! Our Morning Mantra has been proven to be on point once again!!!!
As Nifty has finally made its Fresh New high of 19011.25, dated : 28th June 2023