Business Standard

Nifty FMCG likely to exhibit bullish bias; Metal needs to clear 6964 hurdle

The Nifty FMCG can potentially rally nearly 2 per cent from current levels, to near about 53,625, says Ravi Nathani, an independent technical analyst.

stock market
Web Exclusive

Ravi Nathani Mumbai

Listen to This Article

Nifty FMCG Index: Seizing Opportunities Amidst Bullish Momentum

In the vibrant domain of the Nifty FMCG Index, the charts paint a promising picture for astute traders. Presently standing at 52,665.30, the index reveals a bullish trend in the near term, creating a fertile ground for strategic trading. 
For traders eyeing potential gains, the optimal approach lies in purchasing during market dips. This tactic aligns seamlessly with the prevailing bullish momentum. Setting a target at 53,036, traders can anticipate further escalations to 53,200 and an impressive 53,625. 

Adding credence to this strategy are key technical indicators. Both MACD and RSI are steadily climbing, indicating an upward trajectory for the index. These indicators, coupled with the bullish chart patterns, offer a strong foundation for traders to make informed decisions. 

In essence, the Nifty FMCG Index stands as a beacon of opportunity for traders keen on capitalizing on the current bullish momentum. By strategically navigating market fluctuations and adhering to a buy-on-dips strategy, traders can position themselves advantageously, potentially reaping rewards as the index continues its upward climb.

Nifty Metal Index: Strategic Moves Amidst Resistance

In the dynamic realm of the Nifty Metal Index, a key juncture awaits traders at its current mark of 6,902.00. The index confronts a robust resistance at 6,964, a pivotal level that could usher in a bullish breakout if breached convincingly. 

For astute traders eyeing potential profits, a prudent strategy involves immediate action above the 6,964 threshold. A close above this resistance could signal a promising uptrend, prompting traders to swiftly buy the index. Setting an ambitious target at 7,110, traders can anticipate favorable gains in the wake of such a breakout. 

Moreover, a sagacious approach involves strategic entries near support levels. These support zones are anticipated at 6,810 and 6,765, acting as potential springboards for the index's upward moves. To safeguard investments, a strict stop loss, meticulously placed just below the close of 6,625, serves as a prudent measure. 

In essence, traders in the Nifty Metal Index arena stand at a critical crossroads. By leveraging opportune moments above the 6964 resistance, coupled with strategic entries near supports, they can position themselves advantageously in the market. This calculated approach aligns with the nuanced dynamics of the index, offering traders a pathway to potential profits amidst market fluctuations.

(Ravi Nathani is an independent technical analyst. Views expressed are personal).

 

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 18 2023 | 6:24 AM IST

Explore News