Nifty Metal

The Nifty metal index is poised for a minor correction in the near-term following a sharp decline, while, Nifty consumption index is exhibiting a range-bound movement in the near term

At 11:52 AM, 12 of the 15 stocks in the Nifty Metal Index were trading in the green, while three remained in the red

Nifty Metal is currently approaching critical support levels between 8,800 and 8,700, while Nifty Pharma Index shows a clear downtrend on the charts

The Nifty Metal Index has been experiencing a downward trend in the near term, as indicated by the recent sharp correction.

The Nifty Metal index, the top loser among sectoral indices, was down 2 per cent, as compared to the 0.35 per cent rise in the Nifty 50, at 9:53 AM.

The Nifty FMCG Index is demonstrating a bullish trend in the near term, as indicated by its recent upward movements on the charts.

Stock Market Outlook: The Sensex has shed 4.3% from its all-time high in 3 trading days and the Nifty is seen testing support at 24,250. Here's what charts suggest on likely trend ahead.

For context, the record highs for Sensex and Nifty50 are 81,587.76 and 24,854.80 levels, respectively.

The Nifty Metal Index is currently in a phase of consolidation, trading within a narrow range of 300 points, specifically between 9,700 and 10,000

As of 13:03 PM; NDA was leading on 292 seats and the INDIA Alliance was ahead on 233 seats, while others were on top of 18 seats

The surge in the metal index, analysts believe, is largely credited to Vedanta's robust Q4 performance and its first interim dividend declaration of Rs 11 for FY25

The Nifty Metal index is now positioned very close to its resistance levels, which are located at 8,110 and 8,250

Traders are advised to keep a watchful eye on the 55,900-mark on the Nifty FMCG index

Only a decisive close above 7,616 in Nifty Metal would indicate a potential reversal, opening the door for further upward movement with the next target at 7,740, says Ravi Nathani

Anticipated resistance on charts is around 7,675 for Nifty Metal; the consolidation range for pharma index is between 16,470 and 16,030

Technical indicators such as RSI and Stochastic are currently situated in the overbought zone for the Nifty Pharma index, said Ravi Nathani

According to Ravi Nathani, an independent technical analyst, the Nifty Metal index seems to be trading in a range-bound manner, with a negative bias; whereas, the outlook seems positive for the Pharma

In the short term, the Nifty FMCG index's first target range is expected to be between 52,000 and 52,175

While the Nifty Metal index seems headed towards its crucial resistance zone, select stocks such as Hindalco, Nalco and SAIL still have the potential to rally up to 15 per cent, charts suggest.

The Nifty Metal index is likely to oscillate between the levels of 6675 and 6580; a pullback should be awaited in Pharma index, says Ravi Nathani