ATH Breakout for Nifty but has the rally got more steam?

23 May

Major ATH All Time high Breakout for Nifty today however Nifty could not cross the much coveted level of 23K. Can Nifty do to it tomorrow? has it got the steam? RSI is high indicating that Nifty is getting overbought and valuations of a lot of stocks are very pricey. However there might still be opportunity left in a few Large cap stock specially IT, Banking and Finance space which have fallen out of favour of investors lately. Valuations in some PSU, Mid and Small Case space are questionable currently and we advise keeping a strict trailing stop loss wherever you have good profit.

Remember nobody has ever become a pauper by booking profits. Keep strict trailing Stop Losses. They are best friends. Loss in Profit is ok but Profit to loss is not ok.


Nifty Major Supports levels: 22784, 22507 and 22298.
Major Future resistance levels: 22293, 23060, 23208 and 23407.