 "Book profits in Nifty FMCG and await clear direction in Nifty Metal index")
Nifty FMCG Index
Last close: 51038.40
The index is currently in the overbought zone on the charts, indicating that it is expected to trade sideways or experience either a timewise correction or a pricewise correction. To gain a better understanding, if the index is trading in the range of 51,500 to 49,800, we can expect a sideways timewise correction. However, if the index breaks below 49,800, it may indicate a pricewise correction. The next support levels on the charts are expected around 48,800, 47,950, and 47,125.
Given that the index is trading in the overbought zone, it would be advisable for investors to book profits and remain on the sidelines for a while, especially until the index approaches the support levels. In summary, the Nifty FMCG Index is expected to trade sideways, with either a timewise or price-wise correction. Support levels can be found at 48,800, 47,950, and 47,125. Investors are advised to book profits and observe the market from the sidelines until the index approaches the support levels.
The index is currently in the overbought zone on the charts, indicating that it is expected to trade sideways or experience either a timewise correction or a pricewise correction. To gain a better understanding, if the index is trading in the range of 51,500 to 49,800, we can expect a sideways timewise correction. However, if the index breaks below 49,800, it may indicate a pricewise correction. The next support levels on the charts are expected around 48,800, 47,950, and 47,125.
Given that the index is trading in the overbought zone, it would be advisable for investors to book profits and remain on the sidelines for a while, especially until the index approaches the support levels. In summary, the Nifty FMCG Index is expected to trade sideways, with either a timewise or price-wise correction. Support levels can be found at 48,800, 47,950, and 47,125. Investors are advised to book profits and observe the market from the sidelines until the index approaches the support levels.
Nifty Metal Index
Last close: 5,967.45
Last close: 5,967.45
On the charts, the index is displaying a range-bound pattern. The range for the index is identified as 6,030 to 5,775. A breakout is expected if the index trades above or below this range. If the index manages to trade above 6,030, the next resistance levels to watch out for are at 6,250 and 6,325. Conversely, if the index trades below 5,775, the next support levels on the charts are at 5,650 and 5,560. Given the current scenario, it is advisable to wait for a clear direction before making any trading decisions. For risky traders, it would be prudent to buy near the support levels and sell near the resistance levels. Additionally, it is important to maintain a strict stop loss of 1 per cent above the identified resistance or support levels.
In summary, the Nifty Metal Index is exhibiting a range-bound pattern on the charts. A breakout will occur if the index trades above 6,030 or below 5,775. Traders are recommended to wait for a clear direction, buy near support, and sell near resistance while maintaining a strict stop loss of 1 per cent above the resistance or support levels.
In summary, the Nifty Metal Index is exhibiting a range-bound pattern on the charts. A breakout will occur if the index trades above 6,030 or below 5,775. Traders are recommended to wait for a clear direction, buy near support, and sell near resistance while maintaining a strict stop loss of 1 per cent above the resistance or support levels.
(Ravi Nathani is an independent technical analyst. Views expressed are personal).