Morning Mantra - 3rd April 2023

2 เม.ย. 2023

Dear All,

Finally on the last trading day, we had witnessed a beautiful breakout in Nifty. Wherein the most beautiful part was that it consisted of the 2 important levels of 17180 as well as 17300. As these were the 2 levels that had played a very crucial role as a level of support for the Market in the previous timeframe.

As of now, we can observe a very beautiful formation of Morning Star at a very crucial support level of 16800 on a weekly timeframe. So, this positive formation is somehow indicating a bounce back in Nifty, wherein it is being expected to go up to the level of 17800.

Moreover, this level of 17800 will once again work as a level of Resistance, and for the time being we are still with our words that following the Cherry Picking strategy will be a good idea here, with the stop loss of 17180.

Yes, for now, we are upgrading our support level from 16800 to 17180, after observing a beautiful recovery in the Market on the last trading day of the FY 2022-23.

Furthermore, we are very hopeful and optimistic on the Market, for this new financial year 2023-24

Last but not the least, Wishing you all a very happy & a prosperous New Financial Year!

Happy Trading!

Regards,
Alok Daiya
SEBI Registered Research Analyst