Morning Mantra - 29th May 2023

Dear All,

It was indeed a wonderful week for Nifty, as finally we had witnessed a beautiful recovery on a weekly basis. Wherein, Nifty had successfully crossed the level of 18400 and had given us a beautiful weekly closing of 18500 approx.

So yes, somehow our predictions are becoming true, that above 18200 we are now ready for a new high in Nifty, with the stop loss of 17800.

Furthermore, as Nifty is now trading above 18400, so we can shift our stop loss from 17800 to 18200 on immediate basis.

Besides, now that we are in the last week of May, we can also observe the effectiveness of the Morning Star Doji formation, which was witnessed on the monthly chart of Nifty, in the last month.

Altogether, with fingers crossed for a further positive momentum in the Market, keep rebalancing your portfolio along with keep following the Cherry-picking 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