Nifty Realty Index: Near-Term Profit Booking and Support Levels in Focus
On the flip side, strong support is anticipated at around 510 on the charts. Given the market conditions, the best trading strategy would be to exercise patience and wait for the index to undergo a corrective phase. For investors seeking buying opportunities, it is advisable to consider initiating positions only near the identified support levels, which are expected to align with multiple exponential moving averages (EMAs) like 50/60/75.
By waiting for the index to approach these complex support levels, traders can take advantage of potentially favorable entry points while mitigating risks associated with profit booking and fresh selling pressures.
Nifty Infra Index: Bullish Trend and Support Strategy at 5,864
The significance of the support level at 5,864 is further reinforced by its alignment with the S1 pivot level and the 30-day Exponential Moving Average (EMA), all converging at the same price point. This convergence adds further strength to the support zone. Given the bullish trend and the robust support level at 5,864, market participants can strategically position themselves for potential gains by capitalizing on this favorable buying opportunity.
Nifty Consumer Durable Index Shows Range-Bound Behavior; Traders Urged to be Cautious
Given the index’s close proximity to the lower levels of the range, risk-tolerant traders may consider buying the index either at the current market price (CMP) or on subsequent dips. However, it is essential to implement a strict stop loss, set at 1 per cent below the lower level of the range to manage potential risks. On the other hand, conservative traders are advised to await a confirmed breakout level.
Disclaimer: Ravi Nathani is an independent technical analyst. Views expressed are personal. He doesn’t hold any positions in the indices mentioned above and this is not an offer or solicitation for the purchase or sale of any security.