According to Ravi Nathani, an independent technical analyst, the Nifty Nifty Financial Services index can rally to 20,210, while the Private Banks index could surge to 23,500.
According to Ravi Nathani, an independent technical analyst, traders can consider the buy on dips strategy for Nifty Financial Services and Private Banks indices. However, the PSU Bank looks weak.
Nifty Financial Services Index presents a bullish outlook, and traders are advised to closely monitor the resistance levels for potential breakout opportunities, said Ravi Nathani
According to Ravi Nathani, an independent technical analyst, Nifty Private Bank index can be bought at existing levels, while one should prefer to buy Nifty Financial Services Index on dips.
According to Ravi Nathani, an independent technical analyst, the Nifty Pvt Bank and Financial Services indices can be bought on dips, while the Nifty PSU Bank index seems range-bound on the charts.
As per Ravi Nathani, the Nifty Private Bank index is poised to encounter a stronghold of support at 22,200, according to chart analysis.
Whereas, one needs to be patience and await for a clear breakout on the Nifty Private Bank Index, suggests Ravi Nathani, an independent technical analyst.
According to Ravi Nathani, an independent technical analyst, Nifty Financial index can be bought with a stop at 19,570.
According to Ravi Nathani, initiating trades before the breakout occurs is laden with risk, traders should act once the breakout signals the market's chosen direction
According to Ravi Nathani, an independent technical analyst, one should adopt a 'Buy on Dips' strategy for Nifty Private Bank index, while a 'Sell on Rise' strategy in case of the PSU Bank index.
According to Ravi Nathani, an independent technical analyst, the interim support levels for the private bank index are placed at 23,420, 23,120, 22,900.
According to Ravi Nathani, an independent technical analyst, the Nifty FMCG index may trade sideways, while the Nifty PSU Bank index is expected to trade with a positive bias.
Only when the index manages to close 4,680 level, it could signify a breakout on the charts, potentially opening the door to further gains
According to Ravi Nathani, an independent technical analyst, traders can keep a stop at 22,800 while taking a long position in the Nifty Private Bank index.
According to Ravi Nathani, an independent technical analyst, the Nifty Financial Services index is likely to consolidate in a band of 19,650 - 19,425.
Technical charts indicate a potential support zone between 22,510 and 22,350 for the Nifty Pvt Bank index
Nifty Private Bank index to face resistance between 23,550-23,650; Nifty FMCG remains range-bound, says Ravi Nathani
According to Ravi Nathani, an independent technical analyst, the outlook for Nifty Metal, Energy and Pharma indices is bullish and hence recommends to buy at CMP or on dips.
The final target for the ongoing up trend in the Nifty PSU bank index is projected to be in the range of 4,620 to 4,875
The index is expected to find support in the near term between the range of 19,375 and 19,290