Nifty Metal
Last close: 6,292.3
Given the current range-bound scenario, the best trading strategy would be to wait for a breakout from this range and then take positions accordingly.
Traders should closely monitor the price action and look for a decisive move beyond either 6,325 or 6,245 before initiating trades. This approach allows traders to capture the momentum in the direction of the breakout and avoid premature entries or false signals.
Nifty Pharma
Last close: 13,772
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If the index breaks above 13,815, it would suggest a bullish breakout, potentially leading to the next resistance levels at 13,980 and 142,00.
On the other hand, if the index breaks below 13,580, it would indicate a bearish breakdown, and the next support levels to monitor would be around 13,360 and 13,200.
Given the consolidation phase and the uncertainty within the range, the best trading strategy would be to wait for a breakout.
Traders should closely monitor the price action and look for a clear move beyond either 13,815 or 13,580 before initiating trades. A breakout can provide a strong indication of the next directional bias and offer better trading opportunities.