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Nifty FMCG
Last close: 46,361.25
Last close: 46,361.25
Charts suggest that the index is on the verge of potential breakout, with the level of 46,400 acting as a crucial threshold.
A trade above this threshold is likely to trigger an upward momentum, opening up avenues toward the levels of 46,900 and 47,600. It is advisable for traders to adopt a prudent approach while trading, with a strict stop loss of 45,736 in place.
Given the current market dynamics, buying on dips would be the most viable trading strategy, with a target of 46,900 and 47,600 in sight.
The outlook for the near term appears to be bullish, as all major moving averages, such as the 10, 25, 50, 100, and 200, have an upward trajectory, indicating a strong bullish trend in the making.
In summary, traders should closely monitor the Nifty FMCG index, as it has the potential to make a significant move in the coming days, with a bullish bias expected in the near term.
A trade above this threshold is likely to trigger an upward momentum, opening up avenues toward the levels of 46,900 and 47,600. It is advisable for traders to adopt a prudent approach while trading, with a strict stop loss of 45,736 in place.
Given the current market dynamics, buying on dips would be the most viable trading strategy, with a target of 46,900 and 47,600 in sight.
The outlook for the near term appears to be bullish, as all major moving averages, such as the 10, 25, 50, 100, and 200, have an upward trajectory, indicating a strong bullish trend in the making.
In summary, traders should closely monitor the Nifty FMCG index, as it has the potential to make a significant move in the coming days, with a bullish bias expected in the near term.
Nifty Auto
Last close: 12,357.65
Last close: 12,357.65
Charts suggest a range-bound behavior for the index in the near term, with the trading range pegged between 12,525 and 11,900.
A decisive move above or below this range would trigger a directional bias, with a potential resistance around 12,725-12,925 on the charts once the index crosses the level of 12,525.
On the downside, if the index breaks below the level of 11,900, the next support is expected around 11,750-11,525 on the charts.
Traders are advised to wait for a clear breakout and then initiate trades accordingly. Alternatively, traders with a higher risk appetite may consider buying near support levels and selling near resistance levels, until a clear trend emerges on the charts.
In summary, the Nifty Auto Index is expected to remain range-bound in the near term, with a potential breakout in either direction likely to trigger a directional bias.
Traders are advised to tread cautiously and wait for a clear trend to emerge on the charts.
(Ravi Nathani is an independent technical analyst. Views expressed are personal).
A decisive move above or below this range would trigger a directional bias, with a potential resistance around 12,725-12,925 on the charts once the index crosses the level of 12,525.
On the downside, if the index breaks below the level of 11,900, the next support is expected around 11,750-11,525 on the charts.
Traders are advised to wait for a clear breakout and then initiate trades accordingly. Alternatively, traders with a higher risk appetite may consider buying near support levels and selling near resistance levels, until a clear trend emerges on the charts.
In summary, the Nifty Auto Index is expected to remain range-bound in the near term, with a potential breakout in either direction likely to trigger a directional bias.
Traders are advised to tread cautiously and wait for a clear trend to emerge on the charts.
(Ravi Nathani is an independent technical analyst. Views expressed are personal).
