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Charts show range-bound pattern for Nifty FMCG, Auto indices: Ravi Nathani

According to the technical analyst, charts suggest range-bound pattern for Nifty FMCG, Nifty Metal, and Nifty Auto indices in the near-term

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Ravi Nathani Mumbai
Nifty FMCG
Last close: 45,585.55 (Range Bound)

As the index trades at 45,585.55, it exhibits a pattern that is seemingly range-bound in the near-term on the charts, with a triangulated pattern.

The upper range limit rests at 45,785, while the lower range limit is at 45,425. Any close above or below these limits would generate a trigger in the respective direction.

If the index breaches the upper range limit, we may anticipate resistance at around 46,050. Conversely, if it slips beneath the lower range limit, support is predicted around 45,225 and 44,850.

Consequently, it would be prudent

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First Published: Feb 22 2023 | 7:46 AM IST

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