Morning Mantra - 22nd May 2023

Dear All,

Just as we had stated in our previous Morning Mantra update, about the struggle of Nifty at around the crucial level of 18200, similarly, we did also witness a closing of just around the stated level, i.e., at 18203.40

However, as of now, observing the pattern of a Long Legged Doji on the Day chart of Nifty, somehow indicates the probability of a reversal from here.

So, once again with the stop loss of 17800, if Nifty manages to stably sustain above this crucial level of 18200, then we can expect to witness a new high in the upcoming days. Otherwise, we will have to go with another suitable strategy.

In the Meanwhile, keep rebalancing your portfolio.

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