Nifty Pharma, Realty near key resistance levels; Time to be cautious

Nifty Pharma Index Poised for Bullish Momentum; Caution Advised Amid Resistance

The Nifty Pharma Index is currently experiencing an upward trend, with the Current Market Price (CMP) standing at 14,092.60. The index is steadily approaching a key resistance level of 14,150, which, if decisively breached, will signal a strong buying sentiment in the market.

However, until such a breakthrough occurs, investors are urged to exercise caution and consider securing profits by closing positions, employing a stop loss of 14,175 based on closing prices.

Technical analysis indicates that the index is expected to find support levels at 13,450 and 13,100. These levels are likely to provide a safety net, preventing substantial downside movements in the index.

Given the current market conditions, it is prudent to adopt a trading strategy that involves booking profits and holding cash for a period while awaiting a suitable correction.

Traders should closely monitor the index's performance and be prepared to take advantage of potential buying opportunities once the anticipated resistance level is surpassed.

Nifty Realty Index Indicates Potential Correction; Caution Advised

In a recent analysis of the Nifty Realty Index, it is observed that the current market price (CMP) stands at 536.15. Traders are urged to exercise caution and consider booking profits with a strict stoploss of 550, based on the closing prices.

It is advisable to adopt a cash position for the time being, as the index is likely to display signs of correction by the end of this month.

Technical analysis suggests that the index may find support levels around 510, 490, and 465. Consequently, the recommended strategy would be to wait for the correction to materialize and then consider purchasing when the index is trading near the mentioned support levels.

Investors are encouraged to remain vigilant and keep a close eye on the index's performance, as it may present potential buying opportunities once the anticipated correction occurs.

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