Here's why Ravi Nathani is bearish on Nifty Auto index in the near-term

According to technical analyst, since the MACD has turned negative, and Parabolic Stop and Reversal has turned bearish, it is advised for traders to adopt sell-on-rise strategy for Nifty Auto index

Nifty FMCG
Last close: 45,976.95 (Bullish)

The Nifty FMCG index has been under observation in the recent times, due to its volatile trend in the market. According to charts, the index suggests strong support at 45,265 and therefore, traders are advised to closely monitor its movement.

The technical charts signal a positive breakout in the near-term and short-term if the index breaches resistance level of 46,331. This breakout could, thereby, lead to a sharp rally in the index and its constituents, with the next resistance being estimated at around 47,025.

Moreover, technical indicators such as Moving Average Convergence