According to Ravi Nathani, caution is paramount as the Nifty index teeters precariously near a significant support level at 19,600
According to Ravi Nathani, an independent technical analyst, the Nifty Energy index seems trapped in the 26,975 - 27,350 trading range.
According to Ravi Nathani, an independent technical analyst, the Nifty Metal index seems to be trading in a range-bound manner, with a negative bias; whereas, the outlook seems positive for the Pharma
According to Ravi Nathani, an independent technical analyst, the 'buy the dips' strategy seems particularly relevant in the current market conditions.
According to Ravi Nathani, an independent technical analyst, one should adopt a 'Buy on Dips' strategy for Nifty Private Bank index, while a 'Sell on Rise' strategy in case of the PSU Bank index.
According to Ravi Nathani, an independent technical analyst, break of 19,336 on the Nifty could usher in a bearish trend.
According to Ravi Nathani, an independent technical analyst, the Nifty FMCG index seems range-bound, while one can adopt a 'sell on rise' strategy for the PSU Bank index.
According to Ravi Nathani, an independent technical analyst, the interim support levels for the private bank index are placed at 23,420, 23,120, 22,900.
Ravi Nathani, an independent technical analyst, says that despite the need for caution, the market remains generally bullish.
According to Ravi Nathani, an independent technical analyst, one should await for buying opportunities in Nifty Metal, whereas in case of Nifty Energy one can look for opportunites to sell.
According to Ravi Nathani, an independent technical analyst, the Nifty Pharma and Auto indices are at critical junctures, hence one needs to watch out for these key levels for planing trades.
According to Ravi Nathani, an independent technical analyst, the Nifty FMCG index may trade sideways, while the Nifty PSU Bank index is expected to trade with a positive bias.
According to Ravi Nathani, an independent technical analyst, the Nifty Financial Services index could potentially rally to 20,975, while the Nifty PSU Bank index can gallop to 5,055.
Surpassing 19,910 could potentially lead the Nifty towards resistance levels situated at around 20,180 and 20,464; suggest buying Bank Nifty index on dips, says Ravi Nathani
The pivot level for this month, for example, is at 15,550, further supporting the case for a potential downward move in Nifty Auto index
In the short term, the Nifty FMCG index's first target range is expected to be between 52,000 and 52,175
Only when the index manages to close 4,680 level, it could signify a breakout on the charts, potentially opening the door to further gains
The expectation is that the Nifty50 index will continue to perform well in the short and medium term, with the potential for reaching new highs
According to Ravi Nathani, an independent technical analyst, the Nifty FMCG index seems range-bound, while the Metal index looks bullish.
According to Ravi Nathani, an independent technical analyst, traders can keep a stop at 22,800 while taking a long position in the Nifty Private Bank index.