Ravi Nathani recommends to buy IT, FMCG stocks on dips; Avoid metals

With an view to capitalize on a potential technical bounce, the technical analyst advises traders to adopt a buying strategy near the support price.

Nifty IT Index

Bias: Buy on dips

The Nifty IT Index, currently stands at 29,313.55, reflecting a downward trend in the near term. Chart analysis suggests that the index may find support around 29,130, with the technical indicator MACD indicating a positive divergence on charts.

Traders are advised to keep this level handy, as it may also serve as a near-term stop-loss point. However, if the index violates this level, it may find its next support directly around 28,725, which would be considered an over-sold zone in the near term, supported by the Pivot S2 levels for the week.

To capitalize on a potential