Traders are advised to keep a watchful eye on the 55,900-mark on the Nifty FMCG index
Only a decisive close above 7,616 in Nifty Metal would indicate a potential reversal, opening the door for further upward movement with the next target at 7,740, says Ravi Nathani
Anticipated resistance on charts is around 7,675 for Nifty Metal; the consolidation range for pharma index is between 16,470 and 16,030
Technical indicators such as RSI and Stochastic are currently situated in the overbought zone for the Nifty Pharma index, said Ravi Nathani
According to Ravi Nathani, an independent technical analyst, the Nifty Metal index seems to be trading in a range-bound manner, with a negative bias; whereas, the outlook seems positive for the Pharma
In the short term, the Nifty FMCG index's first target range is expected to be between 52,000 and 52,175
While the Nifty Metal index seems headed towards its crucial resistance zone, select stocks such as Hindalco, Nalco and SAIL still have the potential to rally up to 15 per cent, charts suggest.
The Nifty Metal index is likely to oscillate between the levels of 6675 and 6580; a pullback should be awaited in Pharma index, says Ravi Nathani
According to Ravi Nathani, an independent technical analyst, the Nifty FMCG index has near support at 51,750, below which the index can slide to 50,990.
Meanwhile, the Nifty FMCG index is expected to consolidate in the range of 53,971 and 52,484, says Ravi Nathani, an independent technical analyst.
Ravi Nathani, independent market analyst shares his trading strategies for Nifty Metal and Nifty Pharma indices; check out
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.
According to Ravi Nathani, an independent technical analyst, the bias for Nifty Metal Index is likely to remain bullish as long as it holds above 5,910.
Nifty FMCG is in the overbought zone, indicating that it is expected to trade sideways or experience a timewise or a pricewise correction, says Ravi Nathani
The Nifty Auto index is expected to underperform in the near future, and the current rally provides an opportune moment to sell the index and its constituents
According to Ravi Nathani, an independent technical analyst, in case the Nifty Metal index closes below 5,625 it could weaken further.
According to Ravi Nathani, an independent technical analysts, the Nifty Metal Index is exhibiting a range-bound trade, whereas the FMCG index presents a 'Sell on rise' opportunity.
According to the technical analyst, charts suggest range-bound pattern for Nifty FMCG, Nifty Metal, and Nifty Auto indices in the near-term
As per the technical analyst, the best trading strategy for traders would be to buy Nifty IT either at the current market price or at dips, with a target of 31,500
The best trading strategy Nifty Auto index would be to sell near resistance levels until we get close above new high