 "markets")
Nifty Realty
Last close: 452.35
Last close: 452.35
Chart analysis reveal that with a strict stop-loss limit of 459, the index is a sell. Hence, traders are advised to book profits and stay away from the market as the index is expected to consolidate with a negative bias.
The first support on the charts is anticipated between 425, followed by 405-390, highlighting the potential for further downside.
All major technical indicators, such as RSI, Stochastic, and Williams %R, are placed in the overbought zone, indicating that the index and its constituents are likely to underperform in the near to short term.
It is essential to exercise caution while trading in this index and closely monitor its performance to minimise potential losses.
In conclusion, it is recommended that traders adopt a cautious approach while trading in the Nifty Realty Index, given the current market trends and technical indicators.
By booking profits and staying away from the market, investors can avoid potential losses and capitalise on future price fluctuations that may occur.
Furthermore, investors must maintain a strict stop-loss limit to mitigate risks associated with the current market conditions.
The first support on the charts is anticipated between 425, followed by 405-390, highlighting the potential for further downside.
All major technical indicators, such as RSI, Stochastic, and Williams %R, are placed in the overbought zone, indicating that the index and its constituents are likely to underperform in the near to short term.
It is essential to exercise caution while trading in this index and closely monitor its performance to minimise potential losses.
In conclusion, it is recommended that traders adopt a cautious approach while trading in the Nifty Realty Index, given the current market trends and technical indicators.
By booking profits and staying away from the market, investors can avoid potential losses and capitalise on future price fluctuations that may occur.
Furthermore, investors must maintain a strict stop-loss limit to mitigate risks associated with the current market conditions.
Nifty Pharma
Last close: 12,716.9
Last close: 12,716.9
After conducting a thorough analysis of the Nifty Pharma index, it can be inferred that the chart pattern is an absolute sell. This observation is supported by a negative divergence in technical indicators such as RSI and MACD, which further emphasises the bearish trend.
The index and its constituents are trading near the resistance level, suggesting that it may be challenging for the index to break through this level.
As such, the recommended trading strategy for traders would be to sell the index at the current market price or at any subsequent rise, with a strict stop-loss limit of 12,875 on a closing basis.
Traders are advised to maintain a target of 12,425, and if the index closes below this level, the next support level is expected to be between 12,175 - 12,125.
In conclusion, the Nifty Pharma Index presents a challenging trading scenario for investors, and the recommended trading strategy is to adopt a cautious approach by selling the index at the current market price or subsequent rises.
With a strict stop-loss limit and a target of 12,425, traders can minimise potential losses and capitalise on potential opportunities that may arise in the future.
(Ravi Nathani is an independent technical analyst. Views expressed are personal).
The index and its constituents are trading near the resistance level, suggesting that it may be challenging for the index to break through this level.
As such, the recommended trading strategy for traders would be to sell the index at the current market price or at any subsequent rise, with a strict stop-loss limit of 12,875 on a closing basis.
Traders are advised to maintain a target of 12,425, and if the index closes below this level, the next support level is expected to be between 12,175 - 12,125.
In conclusion, the Nifty Pharma Index presents a challenging trading scenario for investors, and the recommended trading strategy is to adopt a cautious approach by selling the index at the current market price or subsequent rises.
With a strict stop-loss limit and a target of 12,425, traders can minimise potential losses and capitalise on potential opportunities that may arise in the future.
(Ravi Nathani is an independent technical analyst. Views expressed are personal).
