Dear All,
We can start this New Month on a positive note, as finally Nifty is at its Fresh New High as per the Daily, Weekly and Monthly Chart Basis.
On the Monthly basis, we have observed the beautiful effect of a Morning Star Doji pattern which was seen on the chart of Nifty in the Month of April. Consequently, both May & June had turned out to be positive for the Market. As even our 2 important stated levels of 18888 and 19200, were achieved by Nifty in back to back 2 days.
Now, on the basis of Daily chart of Nifty, we can say that these rapid achievements of Nifty, is somehow indicating the need for cautiousness.
Even though the bulls have made a beautiful victory in the battle with the bears. It will be better to avoid being very aggressive in the Market as of now, since Nifty is at its fresh new high.
At this time, it will be favourable to be cautious, to be stock specific and to keep Rebalancing the Portfolio, as most of the stocks are at their Neckline.
Last but not the least, we can now uplift our level of stop loss from 18400 to 18700, and follow the Cherry picking strategy with the support of the same.
Keep Trading!
Keep Investing!
Regards,
Alok Daiya
SEBI Registered Research Analyst
We can start this New Month on a positive note, as finally Nifty is at its Fresh New High as per the Daily, Weekly and Monthly Chart Basis.
On the Monthly basis, we have observed the beautiful effect of a Morning Star Doji pattern which was seen on the chart of Nifty in the Month of April. Consequently, both May & June had turned out to be positive for the Market. As even our 2 important stated levels of 18888 and 19200, were achieved by Nifty in back to back 2 days.
Now, on the basis of Daily chart of Nifty, we can say that these rapid achievements of Nifty, is somehow indicating the need for cautiousness.
Even though the bulls have made a beautiful victory in the battle with the bears. It will be better to avoid being very aggressive in the Market as of now, since Nifty is at its fresh new high.
At this time, it will be favourable to be cautious, to be stock specific and to keep Rebalancing the Portfolio, as most of the stocks are at their Neckline.
Last but not the least, we can now uplift our level of stop loss from 18400 to 18700, and follow the Cherry picking strategy with the support of the same.
Keep Trading!
Keep Investing!
Regards,
Alok Daiya
SEBI Registered Research Analyst
Disclaimer: alokdaiya.in/disclaimer/
Regards,
Alok Daiya
SEBI Registered Research Analyst
INH000011468
superprofile.bio/alokdaiya
Regards,
Alok Daiya
SEBI Registered Research Analyst
INH000011468
superprofile.bio/alokdaiya