Last close: 17,616.05
It is imperative that the index must conclude above 17,725, which represents the 20-day moving average, prior to any trend shift.
Therefore, the most prudent strategy for traders would be to sell on an increase in price with a view to achieving the above-noted targets, while implementing a stop loss.
In conclusion, it is advisable that traders should adopt a sell-on-rise strategy with their eyes set on targets at 17,410 and 17,360, while taking due care to manage risks and safeguard their investments in light of the current downward trend.
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Nifty Auto
Last close: 12,044.45
As the index is oversold, it may experience a bounce back in the near term. The best trading strategy for traders would be to purchase the index when it dips, as the expected target is 12,236.
Technical indicators such as the RSI and stochastic suggest that the index is oversold, which further supports this trading strategy.
In conclusion, traders should adopt a buy-on-dips approach for the Nifty Auto, with a minimum target of 12,236. With technical indicators suggesting that the index is oversold, a bounceback is likely in the near term.
Intraday no trade zone: 12,000 – 12,064