Ravi Nathani recommends to wait for correction to complete in these sectors

According to the technical analyst, the Nifty Realty, Pharma and Media index and its constituents can be accumulated once the corrective move is over.

Nifty Realty

Bias: Wait for correction to complete

Last close: 407.70

The Nifty Realty has been trading within a range over the past year, with a support level of 365 and a resistance level of 482.

Currently, the index is in a near-term downtrend, with a potential target support level of 390-380. Based on this analysis, I recommend considering the accumulation of the index once it reaches these near-term support levels after the correction has been completed.

No Trade Zone: 404 – 412

Expected Intraday Resistance: 418 – 429 – 449

Expected Intraday Support: 399 – 381 – 365

Nifty Pharma 

Bias: Wait for correction to complete

Last close: 12,355.80 

The recent trend in the Nifty Pharma index has resulted in a sharp correction, which has brought the index close to a notable support level of 12,150.

This, I believe, presents a favorable opportunity for investors to accumulate the index and its constituent stocks, provided that they adopt a strategy of waiting for the correction to conclude before making any purchases at the aforementioned support level.

No Trade Zone: 12,300 – 12,400

Expected Intraday Resistance: 12,470 – 12,581 – 12,800

Expected Intraday Support: 12,245 – 12,136 – 11,910

Nifty IT

Bias: Sideways

Last close: 30,018.25

I would like to emphasize that I previously conveyed my optimistic outlook on the Nifty IT sector, as stated in my prior articles. Upon re-evaluating my analysis, I am gratified to note that my projected targets have been realized.

Currently, the Nifty IT index seems to be exhibiting a sideways trend, with expectations of the index oscillating within a range of 30,525 to 29,575.

A decisive close above or below this range may provide a stimulus in the direction of the trend. Should the index close above 30,525, it could potentially attain elevations of 30,850 and 32,000, while a close below 29,575 might suggest further support at 28,900 and 28,500.

No Trade Zone: 29,920 – 30,120

Expected Intraday Resistance: 30,180 – 30,350 – 30,736

Expected Intraday Support: 29,850 – 29,690 – 29,410

Nifty Media

Bias: Wait for correction to complete

Last close: 1,847.30

The trend in the Nifty Media index has been downward, with a key support level for bullish investors being 1,805. If the index closes below this level, it may trigger further selling in the near term.

On the other hand, the range between 1,630 to 1,560 is expected to provide support and is viewed as an opportune moment for traders and investors to accumulate the index.

Given this analysis, I would advise a strategy of waiting for the correction to finish before making any purchases at the previously mentioned support levels.

No Trade Zone: 1,825 – 1,870

Expected Intraday Resistance: 1,903 – 1,950 – 2,025

Expected Intraday Support: 1,810 – 1,770 – 1,665

(Ravi Nathani is an independent technical analyst. Views expressed are personal).