The index experienced a significant and abrupt decline, however, it is expected to demonstrate an exceptional performance in the near future, as per an analysis of its short-term charts.
The index is predicted to attain a target of 11,850 and 12,000, thereby offering investors and traders an opportunity to profit from the market. It is recommended to purchase the index at the current market price or during any subsequent dips while keeping the target of 11,850 and 12,000 in mind.
It is also suggested that a stop loss be maintained below 11,630 on a closing basis, in order to minimise risks associated with the investment.
The technical indicator, Stohastic, further reinforces the idea that the Nifty Pharma Index is expected to exhibit superior performance in the near term. It is advised that traders and investors be vigilant and stay abreast of market movements to make informed decisions.
Overall, the Nifty Pharma Index is a lucrative investment option with the potential for significant gains.
Intraday No Trade Zone: 11,781 – 11,710
Intraday Resistance Levels: 11,800 – 11,850 – 11,975
Intraday Support Levels: 11,664 – 11,581 – 11,450
Nifty Oil and Gas
After experiencing a sharp correction on charts, the index has entered a period of consolidation, with its range fluctuating between 7,280 and 6,920.
However, the index recently witnessed a breakout, with a slight pullback to back up this trend. Technical indicators such as the RSI, PSR, and Bollinger Bands all favor the notion that bullish trends are likely to surpass bearish ones.
It is recommended that traders and investors purchase the Nifty Oil & Gas Index and its constituents at the current market price or during any subsequent dips, with a minimum target of 7,410 and 7,525 in mind.
It is also advised that a stop loss of close below 7,000 be maintained in order to minimise risks associated with the investment.
Overall, the Nifty Oil & Gas Index presents itself as a potentially lucrative investment opportunity, with technical indicators pointing towards a bullish trend.
Intraday No Trade Zone: 7,080 – 7,150
Intraday Resistance Levels: 7,181 – 7,249 – 7,349
Intraday Support Levels: 7,010 – 6,949 – 6,864
(Ravi Nathani is an independent technical analyst. Views expressed are personal).
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