Traders can adopt 'buy-on-dips' strategy for Nifty Media: Ravi Nathani

According to the technical analyst, the Nifty Media Index is currently displaying a range-bound pattern, with fluctuations occurring within a prescribed range

Nifty Pharma
 

Recently, the index reached its resistance level, which indicated that a small correction is likely to take place in the near future.

Technical traders are advised to adopt a sell-on-rise strategy in the near term, with a stop loss of 11,850. This strategy, therefore, is expected to yield best results, with a target expected at 11,600.

The rationale behind this approach is that the index is likely to experience a downward trend, with bearish momentum prevailing in the market, whereas, it is expected to trade sideways in the short-term within a range of 11,900-11,500.

Swing