Charts indicate bearish trend for Nifty Metal over near-term: Ravi Nathani

According to the technical analyst, charts suggest bullish trend for Nifty FMCG index, while bearish for Nifty Metal index

Nifty FMCG
Last close: 44,940.45 (Bullish)

As the index undergoes a sharp correction in the near term, it implies that it has fallen significantly from its previous highs. This decline, therefore, amounts to more than 1,700 points or approximately 4 per cent, indicating negative market sentiment.

On technical charts, the index is expected to find strong support at the level of 44,636, which suggests that there is a high likelihood of investors buying stocks at this level, due to its perceived value.

However, if the index falls below this level, it could result in a bearish phase, which