Shares of Hindalco, Jindal Steel and Power, Vedanta, Welspun Corp, National Aluminium Company (Nalco), Hindustan Zinc, APL Apollo Tubes declined over 1 per cent
Stock Market Today: The best trading strategy at this juncture is to book profits on the rise in Nifty IT index and wait for the index to retrace towards its support levels
The Nifty metal index is poised for a minor correction in the near-term following a sharp decline, while, Nifty consumption index is exhibiting a range-bound movement in the near term
At 11:52 AM, 12 of the 15 stocks in the Nifty Metal Index were trading in the green, while three remained in the red
Nifty Metal is currently approaching critical support levels between 8,800 and 8,700, while Nifty Pharma Index shows a clear downtrend on the charts
The Nifty Metal Index has been experiencing a downward trend in the near term, as indicated by the recent sharp correction.
The Nifty Metal index, the top loser among sectoral indices, was down 2 per cent, as compared to the 0.35 per cent rise in the Nifty 50, at 9:53 AM.
The Nifty FMCG Index is demonstrating a bullish trend in the near term, as indicated by its recent upward movements on the charts.
Stock Market Outlook: The Sensex has shed 4.3% from its all-time high in 3 trading days and the Nifty is seen testing support at 24,250. Here's what charts suggest on likely trend ahead.
For context, the record highs for Sensex and Nifty50 are 81,587.76 and 24,854.80 levels, respectively.
The Nifty Metal Index is currently in a phase of consolidation, trading within a narrow range of 300 points, specifically between 9,700 and 10,000
As of 13:03 PM; NDA was leading on 292 seats and the INDIA Alliance was ahead on 233 seats, while others were on top of 18 seats
The surge in the metal index, analysts believe, is largely credited to Vedanta's robust Q4 performance and its first interim dividend declaration of Rs 11 for FY25
The Nifty Metal index is now positioned very close to its resistance levels, which are located at 8,110 and 8,250
Traders are advised to keep a watchful eye on the 55,900-mark on the Nifty FMCG index
Only a decisive close above 7,616 in Nifty Metal would indicate a potential reversal, opening the door for further upward movement with the next target at 7,740, says Ravi Nathani
Anticipated resistance on charts is around 7,675 for Nifty Metal; the consolidation range for pharma index is between 16,470 and 16,030
Technical indicators such as RSI and Stochastic are currently situated in the overbought zone for the Nifty Pharma index, said Ravi Nathani
According to Ravi Nathani, an independent technical analyst, the Nifty Metal index seems to be trading in a range-bound manner, with a negative bias; whereas, the outlook seems positive for the Pharma
In the short term, the Nifty FMCG index's first target range is expected to be between 52,000 and 52,175