The Nifty Private Bank Index in seen trading in a range of 23,165 - 23,690, and the IT index in the 37,200 - 38,56 range, says Ravi Nathani, an independent technical analyst.
According to Ravi Nathani, an independent technical analyst, breach of 37,780 on the Nifty IT could trigger a fall to 37,400 and 37,125.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is likely to face stiff resistance between 38,000 - 38,125.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index seems range-bound on charts, while auto in a declining trend.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index may face resistance around 38,380 and 39,360; while hurdle for the Auto index is placed at 20,450.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is seen oscillating between 37,930 and 36,136 trading range.
The Nifty IT index was trading at its highest level since January 19, 2022. It had hit a record high of 39,446.70 on January 4, 2022.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is seen consolidating in the 35,300 - 34,400 trading range.
As talks of an impending market correction grow louder, here's a quick chart check on the Nifty 50 and key sectoral indices.
Bellwether stocks Tata Consultancy Services, Infosys, and HCL Technologies each witnessed a 5 per cent jump on Friday, accounting for over half of the market gains
At 10:12 AM, Nifty IT index, the top gainer among sectoral indices, was up 2.7 per cent
The recommended strategy in Nifty Auto index is to initiate sell positions at the prevailing market price or during upward movements
According to Ravi Nathani, an independent technical analyst, the Nifty Auto index is likely to exihibit bullish trend as it hovers in uncharted territory.
According to Ravi Nathani, an independent technical analyst, the 32,649 level is anticipated to act as a stiff resistance for the Nifty IT index.
According to Ravi Nathani, an independent technical analyst, the select momentum oscillators on the Nifty IT index have reached oversold zone, thus suggesting a potential rebound in the near term.
As per Ravi Nathani, traders should wait for the correction to complete and start buying Nifty IT index at or near the support level of 29,800
According to Ravi Nathani, an independent technical analyst, one can consider to sell the Nifty IT and Metal indices near resistance levels.
According to Ravi Nathani, an independent technical analyst, the IT index could see a fresh wave of buying enthusiasm on clearing the minor resistance zone of 31,200-31,400.
Selective IT stocks may rise up to 22% in the upcoming sessions, as per their technical charts
Mphasis surged 4 per cent, while TCS, Infosys, HCL Technologies and L&T Technology Services gained in the range of 2 to 3 per cent