Morning Mantra - 3rd May 2023

Dear All,

So, Yesterday we had witnessed a beautiful Gap Up Opening in Nifty, just as we had stated in our last Morning Mantra update.

Well for now, since Nifty is still trading above the neckline of the inverted head and shoulder, i.e., above the level of 17800. So, we can now shift our stop loss level from 17300 to 17800 on weekly basis.

Furthermore, if the Index sustains above 17800 on weekly closing basis, then we can observe a good rally in the upcoming days.

In the meanwhile, keep following the Cherry Picking strategy.

Regards,
Alok Daiya
SEBI Registered Research Analyst