Morning Mantra - 26th May 2023

Dear All,

Once again we had seen the significance of 18200 as the level of support for the Market, yesterday. Where after making a low of 18202.40, the index ultimately made a good recovery and gave a closing of 18321.15

After 2 back to back Doji formations at the upper levels, we can now observe the formation of a Hammer pattern on the Day chart of Nifty. Which altogether is quite a good sign for the Market as it indicates that Today can be a good day for the bulls.

Yes, we are still in between the levels of 18400 and 18200, which indicates that the Market is somehow creating a platform for the upcoming rally.

So, overall on a medium-term, 17800 will become a very important support level for the Market. Furthermore, we are still bullish on Nifty for a new high in the upcoming days, till the time the index is trading above this level of 17800 on weekly basis.

In the meanwhile, keep rebalancing your portfolio and keep following the Cherry Picking Strategy, for now.

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