The Nifty Financial Services Index, currently trading at 21,326.50, appears to be poised for a near-term bounce, potentially representing a technical rebound on the charts
Instead of exiting stocks in case Middle-East crisis flares up, analysts at UBS suggest investors look for alternative strategies to improve the resilience of portfolios and be positioned for rebounds
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.
The consensus view among technical analysts is that a decisive break of this level could see the index slipping to the 21,700 level
The NSE Nifty 50 is seen quoting close to its 100-DMA for the first time in six months amid the rising geopolitical tensions in the Middle East. Here's what the Nifty chart suggests.
Nandish Shah of HDFC Securities recommends to Buy Bank Nifty 47,000 PUT and simultaneously Sell 46,600 PUT for the April expiry.
According to Ravi Nathani, an independent technical analyst, the Nifty IT index is quoting close to its support range of 33,400 - 33,300, with key momentum oscillators in oversold zone.
On the broader market outlook, Vinay Rajani technical & derivative analyst of HDFC Securities says the Nifty has reached crucial support zone of 22,000 - 21,000 on the charts.
According to Ravi Nathani, an independent technical analyst, the Nifty Bank index can slide to 47,000 - 46,200 levels; while the Financial Services Index can dip to 20,800 - 20,600 levels.
According to Ravi Nathani, an independent technical analyst, the Nifty may underperform and seek support around 22,445, 22,365, and 22,250 in the near term.
The MCX Gold futures have scaled new highs in the last 9 trading sessions, and surged 8.5 per cent. Charts suggest some consolidation likely ahead, as technical indicators are in overbought zone.
Nifty fell marginally on April 09, forming a bearish dark cloud cover like pattern. While the fact that the Nifty keeps making fresh new highs is encouraging, it tends to give up intra day gains which
Apar Industries, CESC, Glenmark, Jubilant Pharma and Power India are trading in overbought zone; charts suggest bias to remain positive as long as these support levels hold.
According to Ravi Nathani, an independent technical analyst, the Nifty Energy index can be sold with a stop at 40,320.
According to Ravi Nathani, an independent technical analyst, one can consider to buy the Nifty IT index on dips, whereas the Auto index can be short closer to the key resistance level.
On the broader market outlook, Vinay Rajani technical & derivative analyst of HDFC Securities says the Nifty needs to break from the 22,204-22,529 range for fresh direction.
According to Ravi Nathani, an independent technical analyst, the Nifty Bank seems to be trapped in 47,625-47,375 trading range.
According to Ravi Nathani, an independent technical analyst, the 22,527 level on the upside and 22,170 on the downside are the key levels to watch out for on the Nifty 50 index.
The Nifty Auto Index, currently trading at 21146.20, is showing signs of short-term underperformance, as indicated by its overbought condition and negative divergence on technical indicators
Here are three key factors that are working in favour of the bulls and bears and could dictate the market trend going ahead as per the technical charts.