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Ravi Nathani is bullish on auto shares; bearish on metals, PSU banks

According to the technical analyst, the Nifty Auto index can rally to 13,050 - 13,160 levels.

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Ravi Nathani Mumbai
Nifty Metal Index
Bias: Bearish
Last close: 6,777.85

According to the latest market analysis, it appears that the prices of metals are expected to decrease significantly in the near future. This prediction is supported by the clear evidence present in the near-term charts, which demonstrate a pattern of distribution.

Furthermore, I anticipate that there will be significant resistance encountered at the 6,910 level, leading to the suggestion to adopt a strategy of "sell on the rise" in order to capitalize on this trend.

The target expected for this strategy is a decrease in prices to 6,525 and 6,350.

Intraday No Trade Zone: 6,755 - 6,800

Expected Intraday

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First Published: Jan 24 2023 | 8:03 AM IST

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