Traders can adopt sell-on-rise strategy for FMCG, auto shares: Ravi Nathani

According to the technical analyst, he recommends traders to adopt sell side position for Nifty Metal index or wait for bearish correction to culminate before commencing accumulation at support levels

Nifty Metal
Last close: 5,757.35 

The Nifty Metal index is currently exhibiting a pernicious trend as indicated by persistent manifestation of a bearish pattern. Given this scenario, it would be judicious for traders to adopt a selling strategy with well-defined target prices, specifically 5,400 as a primary objective and 5,250 as a secondary one.

The technical indicators, such as the Moving Average Convergence Divergence (MACD), are manifesting negative signals along with near-term moving averages.

Consequently, by taking into consideration all these technical indicators and price action movements, it would be the most astute trading strategy to either maintain a