Morning Mantra - 2nd June 2023

Dear All,

Just as we had been expecting, about Nifty taking a pull back towards the level of its previous gap up opening. Similarly, it can be observed that Nifty has finally reached around the particular level of 18480.

Now with the stop loss of 18400 on immediate basis and 18200 for the mid-term, we are still bullish on Nifty, for the Target of New high.

Moreover, with this expected pull back, it is altogether a good time for Cherry Picking and Portfolio Rebalancing.

Besides, on the basis of weekly chart of Nifty, we have to be very cautious against the Market volatility, Today. As it will somehow be better to be patient and wait for today’s closing. Where if Nifty gives a stable closing of above 18400, then we can expect a bounce back from this level, in the upcoming week. Otherwise, we have to become ready with the new strategy.

Regards,
Alok Daiya
SEBI Registered Research Analyst

Comment:

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