Positive trend ahead for Nifty IT, bearish on metal index: Ravi Nathani

As per the technical analyst, the best trading strategy for traders would be to buy Nifty IT either at the current market price or at dips, with a target of 31,500

Ravi Nathani
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Last close: 6867.30

Outlook: Bearish

The stock market is currently experiencing a mixed performance with the Nifty Metal index trading in a narrow range, which could potentially indicate a breakdown in the near future. Henceforth, investors shall adopt a trading strategy that includes a strict stop loss at the resistance level of 6,970 and selling the index and its constituents at higher levels with a target of 6,500. Despite the index displaying a strong positive growth of 11.5 per cent, it is important for investors to be aware of the potential reversal of this trend, as the metal sector is facing headwinds due to global economic uncertainty.

Levels for intraday

Intraday no trade zone: 6,845 - 6,890

Expected Intraday Resistance levels: 6905 – 6950 – 7010 

Expected Intraday Support levels: 6


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First Published: Jan 20 2023 | 8:47 AM IST

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