 "markets")
Nifty Energy Index
The Nifty Energy Index is currently trading at a CMP of 24,633.35. The overall trend on the charts is bullish, indicating a positive outlook for the index. The resistance levels to watch are expected around 24,950 and 25,700. If the index manages to surpass these resistance levels, it may continue its upward movement. Considering the bullish trend, the recommended trading strategy would be to buy on dips. This means looking for opportunities to enter the market at lower price levels during temporary pullbacks or corrections. Additionally, the MACD indicator has turned positive on the index, further supporting the bullish view.
Nifty Commodities Index
The Nifty Commodities Index is currently trading at a CMP of 6,066.50. The overall trend on the charts is upward, indicating a positive outlook for the index. To consider fresh buying opportunities, it is important for the index to cross above the level of 6,093. Until this level is breached, there is a possibility that the current price could be a near-term top, and the index may experience a pullback or correction. Support levels on the charts are expected around 5,825, 5,750, and 5,660. These levels may act as potential buying zones if the index retraces from higher levels. On the other hand, if the index manages to surpass the resistance at 6,093, the next resistance levels to watch for are 6,190 and 6,400. These levels may act as targets or resistance zones for the index.
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Disclaimer: Ravi Nathani is an independent technical analyst. Views expressed are personal. He does not hold any positions in the indices mentioned above.
