Last Close: 17,616.05
The diagrams propose that the file is in for a downtrend sooner rather than later. 17,410 and 17,360 have been identified as anticipated targets.
Technical indicators like the Moving Average Convergence Divergence (MACD) indicate a downtrend because the signal line is below zero and the histogram indicates that selling will occur during rallies.
If the index ends above 17,725, which is the 20-day moving average before any trend reversal, this is necessary.
Therefore, the most prudent trading strategy for achieving the aforementioned goals would be to sell when the price rises while maintaining a stop loss.
In conclusion, given the current downtrend, traders should use a sell-on-rise strategy with targets at 17,410 and 17,360. They should also take the necessary precautions to manage risks and protect their investments.
No-Trade Intraday Zone: Intraday Resistance Levels: 17,664-17,581 Intraday Support Levels: 17,716-17,800-17,950 17,536 – 17,410 – 17,336
Last Close: 12,044.45
The graphs suggest that the index will probably see a technical rebound soon. On the charts, the minimum target for the bounce, also known as the first resistance, is anticipated to be around 12,236,
On the hourly charts, the Relative Strength Index (RSI) is oversold, so traders should use a buy strategy on dips, according to technical indicators like the Stochastic.
The index may experience a near-term rebound due to its oversold status. Since the anticipated target is 12,236, the best trading strategy for traders would be to buy on the index’s downside.
This trading strategy is further supported by technical indicators like the RSI and the stochastic that indicate that the index is oversold.
Last but not least, with a minimum target of 12,236, traders should adopt a buy outlook for Nifty Auto on dips. Technical indicators indicate that the index is oversold, indicating a potential rebound in the near future.
No-Trade Intraday Zone: Intraday resistance levels: 12,000-12,064 12,106 – 12,176 – 12,290
Intraday Backing Levels: 11,850 (Ravi Nathani is an independent technical analyst. Personal opinions are expressed).