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'Buy-on-dips' strategy suitable for Nifty MidCap 50, suggests Ravi Nathani

According to the technical analyst, traders must adopt 'buy-on-dips' strategy for Nifty Energy, Nifty Commodities, and Nifty MidCap 50 indices

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Ravi Nathani Mumbai
Nifty Energy
Last close: 21,801.80 (buy on dips)

The index has observed a downward trend in the near term, but there are several technical indicators that suggest the index could experience a potential uptrend. For instance, the Relative Strength Index (RSI) is flat, which could indicate that all dips should be bought from now onwards.

Furthermore, the Bollinger Bands are showing a support level around 21,400, while the Pivot levels are also showing a support level around 21,200.

Based on these technical indicators, it appears that the index will find support around 21,400 and 21,200, which could represent the

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First Published: Feb 24 2023 | 7:56 AM IST

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