Morning Mantra - 6th June 2023

Jun 6, 2023

Dear All,

So, once again we can observe the formation of a Cross Doji pattern on the chart of Nifty. Therefore, it’s time to be a little cautious now, because such kind of a consolidation will create a sudden rise or a sudden fall, in the form of a Breakout or Breakdown.

Besides, we hope that our Morning Mantra updates have been helping you, specially in the regards of Portfolio Rebalancing, as we have been stating it since the last week.

Yes we are still with our words, that if Nifty makes a positive breakout, then it can surely achieve its Target of a New high, as even the Market Sentiments are positive. But the Index is trading in a very narrow range of 18400-18600 as of now, where we either need a breakout or a breakdown from here.

Furthermore, for now, it will be better to avoid exposure trading in such a market condition.

Regards,
Alok Daiya
SEBI Registered Research Analyst

Jun 28, 2023

Note

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