Nifty Energy, Commodities indices may languish in near-term, show charts

Based on technical analysis, it is recommended to carefully observe stop loss range, which falls between 24,245 and 24,350.It is advised to initiate selling positions on any subsequent price increases, as the index appears to have established a lower bottom, indicating a downward trend.

Various technical indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), reflect signs of weakness. These indicators are widely used by traders and investors to assess market conditions.

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In this case, the RSI and MACD signals suggest a bearish sentiment, reinforcing the notion that selling on price rallies may be a favorable strategy.

To establish a target for selling positions, it is suggested to consider a range between 23,400 and 23,050. This range represents the anticipated downward movement of the Nifty Energy index. By selling on price rises and aiming for this target range, traders may position themselves to benefit from potential market declines.