Charts signal likely pullback for Nifty Consumption index: Ravi Nathani

According to the technical analyst, the Nifty Consumption index is likely to witness a pullback, and the support range of 7,036 - 6,980 is likely to provide a base for a technical bounce

Nifty Consumption
Last close: 7,108.90

The bias in the market is for a pullback to occur. This is because the index has experienced a sharp sell-off from its recent highs and has now reached a support range of 7,036 - 6,980.

The support range is expected to provide a base for the index to recover and initiate a technical bounce, given multiple indicators that suggest a buying range. These indicators include the pivot points, price action, and bollinger bands.

The pivot points indicate that the index has reached a critical level of support, which could lead to a reversal