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

NIFTY METAL

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,