Ravi Nathani, an independent technical analyst, recommends initiating short positions on rise on the Nifty metal index with a stop at 6,550.
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, traders should wait for the correction to complete and start buying Nifty IT index at or near the support level of 29,800
Buy Bank Nifty 43800 Put option and simultaneously Sell 43400 Put of the 26-October expiry, recommends Nandish Shah, Sr. derivatives & technical research analyst of HDFC Securities.
According to Ravi Nathani, an independent technical analyst, one can consider to sell the Nifty IT and Metal indices near resistance levels.
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 Nifty FMCG can potentially rally nearly 2 per cent from current levels, to near about 53,625, says Ravi Nathani, an independent technical analyst.
Similarly, the Bank Nifty is seen consolidating in between the 44,764 - 43,781 points range, says Ravi Nathani, an independent technical analyst.
According to Ravi Nathani, an independent technical analyst, Nifty Midcap 50 seenms trapped in the 11,800 - 11,275 range for now.
According to Ravi Nathani, an independent technical analyst, Nifty Pharma index is oscillating between 15,450 and 15,000; whereas, the Metal index is moving in a range of 6,900 to 6,600.
Among individual stocks, Vinay Rajani, technical & derivative analyst of HDFC Securities, recommends a Buy on Gujarat Alkalies and MSTC.
According to Ravi Nathani, an independent technical analyst, Nifty FMCG index stands resilient, and promises potential gains in this nuanced market landscape.
According to Ravi Nathani, an independent technical analyst, Nifty Financial index can be bought with a stop at 19,570.
According to Ravi Nathani, an independent technical analyst, Traders can either await a decisive breakout or opt for a riskier approach by shorting near the upper consolidation boundary.
Among the key momentum oscillators, the 14-day RSI, MACD and Stochastic Slow on selective basis have turned positive for these five stocks.
1 out of every 25 shares from the Nifty 500 index has more-than-doubled investors wealth in 2023 so far, with Apar Industries, Mazagon Dock and JBM Auto as the top movers.
According to Ravi Nathani, an independent technical analyst, the Nifty Energy index seems trapped in the 26,975 - 27,350 trading range.
Data Patterns (India) and Godfrey Phillips are the other two stocks which seem to be favourably placed on the charts, thus making a case for lower-risk at current levels.
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.
Among the stocks in focus on Monday, Shree Renuka Sugars looks strong on charts, while Inox Green Energy seems weak.