Multiple factors such as containing the global banking crises and China reopening will determine how rocky or smooth is the road ahead
With an view to capitalize on a potential technical bounce, the technical analyst advises traders to adopt a buying strategy near the support price.
According to the technical analyst, the Nifty FMCG index presents a promising opportunity for traders to capitalise on the current bullish trend
Hindustan Copper and Vedanta may fall up to 19 per cent due to their weak chart structures.
According to the technical analyst, charts suggest bullish trend for Nifty FMCG index, while bearish for Nifty Metal index
According to technical analyst, since the MACD has turned negative, and Parabolic Stop and Reversal has turned bearish, it is advised for traders to adopt sell-on-rise strategy for Nifty Auto index
According to the technical analyst, he recommends traders to adopt sell side position for Nifty Metal index or wait for bearish correction to culminate before commencing accumulation at support levels
According to the technical analyst, the Nifty FMCG index is gyrating in a 1,000-point range, a breakout from the same could trigger a fresh trend.
Over half of the stocks in Nifty Metal Index are trading with a bullish sentiment ahead of Budget 2023,
According to the technical analyst, the Nifty Auto index can rally to 13,050 - 13,160 levels.
The BSE Metal Index rallied 1.5 per cent, outperforming the benchmark Sensex which rose 1.41 per cent
On the upside, the technical analyst sees 18,336 as the key resistance for the Nifty 50.
The change in stance comes after almost a year of cautionary view. The Nifty Metal index advanced over 2 per cent while shares of Tata Steel surged nearly 6 per cent
The Nifty Metal index seems to be eyeing a new historic peak at 6,900-level; Thus, select stocks from this space could rally up to 15 per cent on their respective breakouts.
India has decided to remove export duty on steel, and steel making raw material. While industry has welcomed it, analysts do not see any benefit in the near term. How will related stocks be impacted?
The Nifty Metal index can rally up to 11 per cent following the breakout. Among individual stocks, Tata Steel needs to conquer its 200-DMA to gain strength.
Sensex has shrunk 1,372 points or 2.29 per cent to 59,015 and Nifty50 shed 425 points or 2.3 per cent to 17,561 so far from their recent highs
Until major hurdles are not conquered by Metal index, the turnaround scenario may fade sooner
Host of sectors pushing up need for metals; capital outlay significant by firms, say experts
Fall comes on the back of the govt's decision to impose export duty on steel in a bid to cool off domestic prices