Last Close: 45,017.60
The CMP (current market price) for the Nifty FMCG index is currently 45017.60. Be that as it may, the file is giving indications of conceivable disadvantage as it is confronting firm opposition close to 45,125 since most recent five hours.
On the other hand, it has a solid support near 44,980, which is leading to a range-bound trading pattern and a bearish trend as a whole. A move below the 44,980 support level could panic long positions, so traders are advised to keep a close eye on it.
The share price, which is anticipated to find support near 44,775 and 44,625, may suffer as a result. Specialized pointers on the file like the moving normal intermingling dissimilarity (MACD) and Bollinger Groups recommend a negative force.
Therefore, taking into account all of the variables, the best piece of trading advice for traders would be to sell on the rise when the 44,980 support level is broken. The index and its constituents are anticipated to underperform the market in the near future, and the short-term trend on the charts is bearish.
In conclusion, the overall bearish trend of the Nifty FMCG index is reflected in its current trading pattern, which is range bound. The short-term trend on the charts is bearish, and the index and its components are anticipated to weaken from the market in the near term. As a result, traders are advised to be cautious and sell on the rise after the breach of the support level of 44,980.
The Nifty Private Bank Index closed at: 20,083.05 The Nifty Private Bank index is currently trading at a CMP of 20,083.50. It is evident from the charts that the index is a good option to buy during a downtrend because it is expected to perform better than the markets.
Specialized markers like the Moving Normal Intermingling Dissimilarity (MACD) have turned positive and have given a breakout on the histogram, showing a bullish pattern. On the charts, the 20-day simple moving average (20DSMA) has also been broken, boosting the bullish momentum.
Additionally, the Relative Strength Index (RSI) and Bollinger Bands are both trending upward, indicating a positive outlook for the index going forward. Therefore, buying the index and its components at current market prices or during declines with a short-term target of 20,425 and 20,775 would be the best trading strategy for all swing traders.
Lastly, technical indicators like MACD, 20DSMA, Bollinger Bands, and RSI support the bullish outlook, which predicts that the Nifty Private Bank index will outperform the markets. With short-term targets of 20,425 and 20,775, swing traders are advised to purchase the index and its components at current market prices or during declines.
(Ravi Nathani works for himself as a technical analyst. Personal opinions are expressed).