Outlook: buy on dips
last pass: 12,141.95
The current market price of Nifty Auto Index is 12,141.95. Its short-term performance has been characterized by significant downside, as a result of which its current position is hovering around its support levels.
Analyzing the daily chart pattern, it is clear that the support level for this index is expected to lie in the range of 11,800-12,000. For traders and investors, the ideal trading strategy within this range would be to buy on dips, as a technical rally in the index and its components can be expected shortly with a target price of 12,800.
In conclusion, the analysis suggests that the recent decline in the index is an excellent opportunity for traders and investors to buy and hold it for potential gains.
Outlook: range bound on the chart
Final Close: 44,920
The current market price of Nifty FMCG index is 44,920.10 and it is trading in the range of 45,275-44,400. Price movement beyond this range will be a key driver for its future trajectory, and traders should closely monitor the market dynamics.
Meanwhile, traders are advised to take positions near the support level (44,400) and sell near the resistance (45,275) while maintaining a disciplined stop-loss plan.
Outlook: Sell on the rise
Final Close: 5,494
The Nifty Metal index had closed at 5,493.60 on Tuesday and is currently in a declining trend. If the index closes below 5,400, it is likely to trigger panic selling among traders and investors. Support for the index is expected around 5,250, and the best trading strategy would be to sell on the rise as short-term underperformance is expected.
(Ravi Nathani is an independent technical analyst. Views expressed are personal).