Nifty Metal eyes consolidation, Nifty Pharma trades with negative bias

The advised strategy for the Nifty Metal index is to buy near support levels and sell near resistance

Navigating Nifty Metal Index Consolidation
As the Nifty Metal Index stands at 7,528.20, the short-term trend signals bullish momentum on charts. However, the near-term outlook suggests a potential consolidation phase within the range of 7,675 to 7,275.
 

The advised strategy is to buy near support levels and sell near resistance, emphasizing a cautious approach in the short term. 
 

Notably, the ongoing consolidation exhibits a negative divergence on the RSI technical indicator. Thus, if the index breaks the lower range of the consolidation, the subsequent support levels are anticipated between 7,175 and 7,080. 
 

Navigating Nifty Pharma Index
As the Nifty Pharma Index stands at 16,142.40, the near-term outlook suggests an expectation of rangebound trading sessions with a prevailing negative bias on the charts. 
 

Traders are advised to anticipate movements within the range of 16,400 to 15,800. Should the index breach the lower levels, support on the charts is anticipated between 15,500 and 15,464. 
 

This rangebound scenario with a negative bias indicates a cautious market sentiment, requiring traders to adapt their strategies accordingly.

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Disclaimer: Ravi Nathani is an independent technical analyst. He does not hold any positions in the Indices mentioned above and this is not an offer or solicitation for the purchase or sale of any security. It should not be construed as a recommendation to purchase or sell such securities.