According to Ravi Nathani, an independent technical analyst, the Nifty Pharma index is quoting close to its ley support at 18,325; hence one may consider a buy on dip strategy here.
According to Ravi Nathani, an independent technical analyst, the Nifty Energy index can be sold with a stop at 40,320.
From defensives, Nifty Pharma index has led gains so far in calendar year 2024 with a surge of 11 per cent, followed by Nifty IT, which is up 4 per cent while Nifty FMCG has shed 6 per cent
Technical indicators such as RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) are both displaying a downtrend on charts for Nifty Pharma
On the upside, the Nifty Energy index is likely to face resistance around 39,650, says Ravi Nathani, an independent technical analyst.
According to Ravi Nathani, an independent technical analyst, the Nifty Energy index is trading in overbought zone, hence some reversal can be anticipated.
A trade below 37,968 could prompt a stop-loss trigger for bullish positions on the Nifty Energy index, says Ravi Nathani, an independent technical analyst.
The Nifty FMCG Index reveals a near-term downtrend on charts, with a support level expected around 53,725
Technical indicators for Nifty Pharma are aligning with the bearish sentiment as the RSI has declined to 59, signaling a potential downtrend, as per Ravi Nathani
Resistance for Nifty Energy index is anticipated around 34,000 and 34,300, signifying potential areas where selling pressure may intensify, as per Ravi Nathani
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
The advised strategy for the Nifty Metal index is to buy near support levels and sell near resistance
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, stiff resistance for the Nifty Pharma index is anticipated at 15,600 level.
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.
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The Nifty Auto index is exhibiting a bullish trajectory, and can be bought with a stop at 16,436, sugges3ts Ravi Nathani, an independent technical analyst.
According to Ravi Nathani, an independent technical analyst, Nifty Pharma index is oscillating between 15,450 and 15,000; whereas, the Metal index is moving in a range of 6,900 to 6,600.
The prevailing bias suggests a positive outlook, emphasizing a buy-on-dips strategy for Nifty Auto and its components, said Ravi Nathani