Auto, tyre stock update: Shares of auto and tyre makers rallied up to 5 per cent in intra-day deals on Tuesday, lifting the Nifty Auto index to a new all-time high on upbeat outlook.
According to Ravi Nathani, an independent technical analyst, the best trading strategy for Nifty Auto and the Nifty Energy indices seem to be 'sell on rise'.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is quoting close to its support range of 33,400 - 33,300, with key momentum oscillators in oversold zone.
According to Ravi Nathani, an independent technical analyst, one can consider to buy the Nifty IT index on dips, whereas the Auto index can be short closer to the key resistance level.
In the past one year, shares of Tata Motors have been in top gear and have outperformed all stocks that comprise the Nifty Auto index with a rise of nearly 131 per cent during this period, shows data
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.
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.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is likely to face stiff resistance between 38,000 - 38,125.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index seems range-bound on charts, while auto in a declining trend.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index may face resistance around 38,380 and 39,360; while hurdle for the Auto index is placed at 20,450.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is seen oscillating between 37,930 and 36,136 trading range.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is seen consolidating in the 35,300 - 34,400 trading range.
As talks of an impending market correction grow louder, here's a quick chart check on the Nifty 50 and key sectoral indices.
The recommended strategy in Nifty Auto index is to initiate sell positions at the prevailing market price or during upward movements
According to Ravi Nathani, an independent technical analyst, the Nifty Auto index is likely to exihibit bullish trend as it hovers in uncharted territory.
According to Ravi Nathani, an independent technical analyst, the 32,649 level is anticipated to act as a stiff resistance for the Nifty IT index.
Chokkalingam said buying in healthcare and consumer services is a hedging strategy by FPIs ahead of the state election results
According to Ravi Nathani, an independent technical analyst, stiff resistance for the Nifty Pharma index is anticipated at 15,600 level.
The Nifty Auto index is exhibiting a bullish trajectory, and can be bought with a stop at 16,436, sugges3ts Ravi Nathani, an independent technical analyst.
The RBI said the near-term inflation outlook is expected to improve on the back of vegetable price correction and the recent reduction in LPG prices