Morning Mantra - 9th June 2023

Dear All,

Just as we had cautioned you, about the probability of witnessing a supply pressure here at the upper levels. Similarly, we can now observe the formation of a Bearish Engulfing pattern on the Day chart of Nifty, which is indeed not a good sign for the bulls as of now.

However, since for the entire week the Market has been in an indecisive mode, therefore, for the last day of this trading week, we will suggest you to be cautious and to wait for the clear cut indication from the Market.

Besides, we are still positively hopeful for witnessing a New High in Nifty, with 18400 as an immediate support level.

Furthermore, in the meanwhile, continue following the Cherry picking strategy and keep rebalancing your Portfolio, as it will be a very good idea to do so, as of now.

Keep Trading!
Keep Investing!
Keep Following Us!

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