Nifty FMCG may sink 6% if it breaks this level; Metal index rangebound

Traders are advised to keep a watchful eye on the 55,900-mark on the Nifty FMCG index

Nifty FMCG Index: Monitoring Critical Levels for Potential Breakdown

The Nifty FMCG Index, currently trading at a CMP of 56,228.55, demands careful attention as it hovers near a crucial level. Traders are advised to keep a watchful eye on the 55,900-mark as a break below this level could signal a significant breakdown on the charts. In the event of such a breakdown, the next support levels are projected at 54,800 and 52,800, presenting potential downside targets. To manage risk, traders should set a stoploss at 56,800. 

Nifty Metal Index: Charting Path Amidst Key Levels

The Nifty Metal Index, currently standing at a CMP of 78,76.15, is navigating a range-bound scenario defined by 8,050 on the upside and 7,700 on the downside. A significant move awaits confirmation, with a close above or below this range serving as a crucial trigger for the index's next directional move.

Should the index breach the upper range at 8,050, the next resistance levels on the charts are anticipated at 8,250 and 8,525. Conversely, a breakdown below the lower range of 7,700 could lead to support levels at 7,425 and 6,850. Traders are advised to stay vigilant and monitor these key levels closely. 

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Disclaimer: Ravi Nathani is an independent technical analyst. He does not hold any positions in the Indices mentioned above