The current market price of Nifty Auto index is 12,141.95. Its short-term performance is characterized by significant drops, which has resulted in its current position, hovering around its support levels.
On analyzing the daily chart pattern, it is evident that the support level for this index is anticipated to be in the range of 11,800-12,000. For traders and investors, the ideal trading strategy within this range would be to purchase on dips, as a technical rebound may be expected shortly in the index and its components, with a target price of 12,800.
In conclusion, the analysis suggests that the recent dip in the index is an excellent opportunity for traders and investors to purchase and hold it for a potential profit.
Nifty FMCG
Outlook: Range Bound on charts
Last close: 44,920
The prevailing market rate of Nifty FMCG index is 44,920.10, and it is presently trading in the range of 45,275-44,400. The price movement beyond this range would be a significant driver for its future trajectory, and traders must closely monitor the market dynamics.
Meanwhile, traders are recommended to acquire positions near the support level (44,400) while maintaining a disciplined stop-loss plan and selling near resistance (45,275).
Nifty Metal
Outlook: Sell on rise
Last close: 5,494
The Nifty Metal index closed at 5,493.60 on Tuesday and is currently in a downward trend. If the index closes below 5,400, it is likely to trigger panic selling among traders and investors. Support for the index is expected around 5,250, and the best trading strategy would be to sell on rise as short-term underperformance is expected.
(Ravi Nathani is an independent technical analyst. Views expressed are personal).
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