Last close: 405.55
Additionally, the technical indicator MACD histogram has turned positive, indicating a bullish trend in the near future.
As such, the best trading strategy for short-term and swing traders would be to buy the index and its constituents on dips. This is due to the anticipated outperformance of the index in the near term, as indicated by the positive MACD histogram.
Overall, traders should keep a close eye on the resistance level of 425 and look for buying opportunities at lower levels to maximize gains in the coming days.
Last close: 12,237.10
To make the most of this potential uptrend, traders are advised to look for buying opportunities on dips, with a strict stop loss of 12,080 to limit potential losses.
Technical indicators like the MACD, which has turned positive, the RSI, which is flat despite recent price pressure, and near-term moving averages, which are trending upwards, all suggest that the index is expected to outperform in the near and short term.
Therefore, traders and swing traders are advised to initiate accumulation of the index on dips or at the current market price to take advantage of the potential upward trend.
Last close: 1,840.90
Technical indicators like MACD, RSI, Moving Averages & Parabolic Stop & Reversal also is signalling towards outperformance in the near and short term.
The best trading strategy for near and short-term traders along with swing traders would be to buy either at current market price or on every correction from now on.
The minimum target for such trades should be 1,950, followed by 2,000. The market sentiment is positive, and this coupled with the favorable technical indicators provides an ideal scenario for buying the index. The current market price is optimal for those looking to buy, and those who can wait for correction may do so, but either way, the outlook for the index looks bullish.
(Ravi Nathani is an independent technical analyst. Views expressed are personal)
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