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Pharma, Energy, Commodities indices look bearish on charts: Ravi Nathani

According to the technical analyst, the Nifty Energy index can drop to 24,239, and the Pharma to 12,100.

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Ravi Nathani Mumbai
Nifty Energy Index
Bias: Bearish
Last  close: 25,450.30

According to the latest data, the Nifty Energy index is currently trading at 25,450.30. However, the near-term trend is heading downward. I am expecting support to be found around 25,030 and would suggest traders keep a strict stop loss at 24,860.

This is seen as a crucial level for bulls in the near term, as trade and close below this point could lead to a decline down to 24,239.

Therefore, the best trading strategy in this situation would be to wait for the correction to complete and then buy near the lower levels that have been mentioned

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First Published: Jan 27 2023 | 7:45 AM IST

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