Nifty FMCG Index: Monitoring Critical Levels for Potential Breakdown
The Nifty FMCG Index, currently trading at a CMP of 56,228.55, demands careful attention as it hovers near a crucial level. Traders are advised to keep a watchful eye on the 55,900-mark as a break below this level could signal a significant breakdown on the charts. In the event of such a breakdown, the next support levels are projected at 54,800 and 52,800, presenting potential downside targets. To manage risk, traders should set a stoploss at 56,800.
Nifty Metal Index: Charting Path Amidst Key Levels
Should the index breach the upper range at 8,050, the next resistance levels on the charts are anticipated at 8,250 and 8,525. Conversely, a breakdown below the lower range of 7,700 could lead to support levels at 7,425 and 6,850. Traders are advised to stay vigilant and monitor these key levels closely.
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Disclaimer: Ravi Nathani is an independent technical analyst. He does not hold any positions in the Indices mentioned above
First Published: Jan 12 2024 | 8:48 AM IST