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Nifty Realty Index: Near-Term Profit Booking and Support Levels in Focus
The Nifty Realty Index (last close: 538.65) is currently experiencing a near-term trend that suggests profit booking on upward movements. Additionally, market analysts anticipate the potential for fresh selling to emerge if the index falls below the critical level of 535.
On the flip side, strong support is anticipated at around 510 on the charts. Given the market conditions, the best trading strategy would be to exercise patience and wait for the index to undergo a corrective phase. For investors seeking buying opportunities, it is advisable to consider initiating positions only near the identified support levels, which are expected to align with multiple exponential moving averages (EMAs) like 50/60/75.
By waiting for the index to approach these complex support levels, traders can take advantage of potentially favorable entry points while mitigating risks associated with profit booking and fresh selling pressures.
On the flip side, strong support is anticipated at around 510 on the charts. Given the market conditions, the best trading strategy would be to exercise patience and wait for the index to undergo a corrective phase. For investors seeking buying opportunities, it is advisable to consider initiating positions only near the identified support levels, which are expected to align with multiple exponential moving averages (EMAs) like 50/60/75.
By waiting for the index to approach these complex support levels, traders can take advantage of potentially favorable entry points while mitigating risks associated with profit booking and fresh selling pressures.
Nifty Infra Index: Bullish Trend and Support Strategy at 5,864
The Nifty Infra Index (last close: 5,973.30) is currently displaying a bullish trend on the charts. In case of any corrective movements, traders should take note of the strong support level at 5,864. Investors are advised to utilize the current correction as an opportunity to purchase the index and its constituents at this support level.
The significance of the support level at 5,864 is further reinforced by its alignment with the S1 pivot level and the 30-day Exponential Moving Average (EMA), all converging at the same price point. This convergence adds further strength to the support zone. Given the bullish trend and the robust support level at 5,864, market participants can strategically position themselves for potential gains by capitalizing on this favorable buying opportunity.
The significance of the support level at 5,864 is further reinforced by its alignment with the S1 pivot level and the 30-day Exponential Moving Average (EMA), all converging at the same price point. This convergence adds further strength to the support zone. Given the bullish trend and the robust support level at 5,864, market participants can strategically position themselves for potential gains by capitalizing on this favorable buying opportunity.
Nifty Consumer Durable Index Shows Range-Bound Behavior; Traders Urged to be Cautious
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The Nifty Consumer Durables Index (last close: 27,136.50) is currently exhibiting range-bound behavior on the charts, with the identified range between 26,980 and 27,664. A decisive move above or below this range is likely to signal a directional trigger.
Given the index's close proximity to the lower levels of the range, risk-tolerant traders may consider buying the index either at the current market price (CMP) or on subsequent dips. However, it is essential to implement a strict stop loss, set at 1 per cent below the lower level of the range to manage potential risks. On the other hand, conservative traders are advised to await a confirmed breakout level.
Given the index's close proximity to the lower levels of the range, risk-tolerant traders may consider buying the index either at the current market price (CMP) or on subsequent dips. However, it is essential to implement a strict stop loss, set at 1 per cent below the lower level of the range to manage potential risks. On the other hand, conservative traders are advised to await a confirmed breakout level.
Disclaimer: Ravi Nathani is an independent technical analyst. Views expressed are personal. He doesn't hold any positions in the indices mentioned above and this is not an offer or solicitation for the purchase or sale of any security.
