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Nifty Energy
Last close: 25,575.25
Last close: 25,575.25
On the charts, the trend is bullish, indicating a positive outlook for the index. The best trading strategy would be to look for buying opportunities near the support levels.
The support on the index is expected between 25,025 and 24,900. These levels can act as potential entry points for traders looking to initiate long positions.
With a bullish trend in place, traders can set their target levels between 262,00 and 26,800. These levels represent potential resistance areas where the index may encounter selling pressure or face obstacles in further upward movement. Traders can consider booking profits or taking partial profits near these resistance levels.
The support on the index is expected between 25,025 and 24,900. These levels can act as potential entry points for traders looking to initiate long positions.
With a bullish trend in place, traders can set their target levels between 262,00 and 26,800. These levels represent potential resistance areas where the index may encounter selling pressure or face obstacles in further upward movement. Traders can consider booking profits or taking partial profits near these resistance levels.
Nifty Commodities
Last close: 6,163.2
Last close: 6,163.2
Upon analysis of charts, it indicates that the index is facing a small hurdle at the level of 6,190, which could potentially act as a breakout level in the near term.
A close above 6,190 is likely to attract fresh buying interest and could lead to further upward momentum. The next resistance level on the charts is expected at 6,400.
For traders looking to capitalise on the potential breakout, the recommended trading strategy would be to buy on dips near the support price. The support on the charts is anticipated around 6,100 and 6,010, which provide favorable entry points for buying opportunities.
It is advisable to closely monitor the price movements and take advantage of any temporary pullbacks or corrections within the overall bullish trend.
To manage risk, it is important to place a stoploss below 5,964 on a closing basis. This ensures that in the event of a sudden reversal or unfavorable market conditions, any losses can be limited.
By following the buy-on-dips strategy and keeping a close eye on the support and resistance levels, traders can align their trading decisions with the anticipated bullish trend in the Nifty Commodities index.
(Ravi Nathani is an independent technical analyst. Views expressed are personal).
A close above 6,190 is likely to attract fresh buying interest and could lead to further upward momentum. The next resistance level on the charts is expected at 6,400.
For traders looking to capitalise on the potential breakout, the recommended trading strategy would be to buy on dips near the support price. The support on the charts is anticipated around 6,100 and 6,010, which provide favorable entry points for buying opportunities.
It is advisable to closely monitor the price movements and take advantage of any temporary pullbacks or corrections within the overall bullish trend.
To manage risk, it is important to place a stoploss below 5,964 on a closing basis. This ensures that in the event of a sudden reversal or unfavorable market conditions, any losses can be limited.
By following the buy-on-dips strategy and keeping a close eye on the support and resistance levels, traders can align their trading decisions with the anticipated bullish trend in the Nifty Commodities index.
(Ravi Nathani is an independent technical analyst. Views expressed are personal).
