Here's why Ravi Nathani suggests 'sell-on-rise' method for financial sector

According to the technical analyst, since Nifty Private Bank trades in a bearish trend, with moving averages, MACD, and RSI trending downwards, this, therefore, signals a negative market sentiment

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Ravi Nathani Mumbai
Nifty PSU Bank
Last close: 3,768.55

As the index currently trades at 3,768.55 on hourly charts, it continues to trade with lower tops and lower bottoms, indicating a bearish trend.

For the index to change its trend from bearish to bullish, it needs to trade above 3,910. Since the trend is negative, the best trading strategy for traders would be to sell on the rise, with an expected target of 3,680.

Furthermore, the price action targets, along with technical indicators like Pivot points and Bollinger bands, show that the confluence levels of support are coming at 3,736 and 3,680.

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First Published: Feb 21 2023 | 7:52 AM IST

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