For Nifty, traders are advised to be cautious and consider selling on rallies or on a close below 21800, taking into account the indications from various technical indicators
Technical indicators such as RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) are both displaying a downtrend on charts for Nifty Pharma
Given the prevailing market conditions in Nifty IT, the recommended trading strategy is to sell on rallies, with a stop-loss set at 37,100
To capitalize on the prevailing downtrend in Nifty Bank, traders are recommended to sell, book profits, or establish short positions only when the index breaks below 46,864, said Ravi Nathani
Nifty PSU Bank is currently experiencing a near-term downtrend, as indicated by technical indicators like RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence)
According to Ravi Nathani, an independent technical analyst, the Nifty 50 index is seen range-bound between 22,400 - 22,580.
To confirm a positive breakout, investors should wait for the Nifty Financial Services index to break above 20,960 on a closing basis, says Ravi Nathani
A breach above 47600 would suggest a potential upward movement, with the next resistance levels expected at 47786, 48280, and 48400 in Nifty Bank, says Ravi Nathani
Investors are encouraged to focus on profit booking opportunities, considering potential re-entry points at the specified support levels, says Ravi Nathani
According to Ravi Nathani, an independent technical analyst, the Nifty Auto index can dip to 20,200 and 19,850 levels in the near term.
The Nifty Private Bank Index in seen trading in a range of 23,165 - 23,690, and the IT index in the 37,200 - 38,56 range, says Ravi Nathani, an independent technical analyst.
According to Ravi Nathani, an independent technical analyst, Nifty Financial Servies Index can be short with a stop at 20,800, while selling pivot for the PSU Bank index stands at 7,136.
Nifty likely to see a directional move on breakout from the 22,100 - 22,325 trading range, says Ravi Nathani, an independent technical analyst.
According to Ravi Nathani, an independent technical analyst, technical indicators such as RSI and MACD are signaling potential for a technical pullback in the near term on the Nifty FMCG index.
On the upside, the Nifty Energy index is likely to face resistance around 39,650, says Ravi Nathani, an independent technical analyst.
According to Ravi Nathani, an independent technical analyst, breach of 37,780 on the Nifty IT could trigger a fall to 37,400 and 37,125.
On the upside, the PSU Bank index is likely to face resistance around 7,280 to 7,350, says Ravi Nathani, an independent technical analyst.
According to Ravi Nathani, an independent technical analyst, the trading strategy for Nifty and the Bank Nifty is 'sell on rise'.
According to Ravi Nathani, an independent technical analyst, the Nifty Energy index is trading in overbought zone, hence some reversal can be anticipated.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is likely to face stiff resistance between 38,000 - 38,125.