Nifty Power Index

The Nifty Power Index, at present priced at 39,530.35, is experiencing a downward pattern within the close to time period, in accordance with chart evaluation. In gentle of this pattern, the optimum buying and selling technique can be to promote on rallies, with warning exercised at resistance ranges.

A strict stop-loss above 40,320 on a closing foundation needs to be carried out to handle threat successfully. Help ranges on the charts are anticipated round 38,800 and 38,000. These ranges function potential targets for merchants trying to capitalize on downward actions within the index.

The Relative Energy Index (RSI), a key technical indicator, is signaling a downtrend, additional supporting the bearish sentiment. Contemplating these components, merchants could take into account initiating brief positions both on the present market worth (CMP) or on upward worth actions.

Promoting on rallies aligns with the prevailing market situations and technical indicators, maximizing the potential for worthwhile trades within the close to time period. Nonetheless, merchants ought to stay vigilant and monitor worth motion carefully to regulate their methods as wanted in response to altering market dynamics.

Nifty Pharma Index

The Nifty Pharma Index, at present priced at 19,125.20, is exhibiting a downward pattern within the close to time period, as indicated by chart evaluation.

In gentle of this pattern, probably the most prudent buying and selling technique can be to provoke promoting positions on upward worth actions, ideally at resistance ranges. A strict stop-loss above 19,336 on a closing foundation is advisable to mitigate dangers successfully.

This precautionary measure helps merchants handle potential losses in case the market strikes towards their positions. Help ranges on the charts are anticipated round 19000 and 18700. These ranges function potential targets for merchants aiming to revenue from downward actions within the index.

The Shifting Common Convergence Divergence (MACD), an important technical indicator, is indicating a downtrend. This reinforces the bearish sentiment prevailing out there.

Given these indications, promoting both on the present market worth (CMP) or on rallies aligns with the prevailing market situations and technical indicators. 
 

Underperformance is anticipated within the close to time period, additional supporting the rationale behind the promoting technique. Merchants ought to train warning and carefully monitor worth actions to determine favorable promoting alternatives. By adhering to this technique, merchants can optimize their probabilities of capitalizing on potential downward actions within the Nifty Pharma Index whereas successfully managing dangers.

(Ravi Nathani is an impartial technical analyst. Views expressed are private).

First Revealed: Apr 05 2024 | 6:27 AM IST