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Should you sell Nifty Auto, IT on rise? Here’ what analysts recommend
Source: Business Standard
Nifty IT Index: Sell on Rise Near Resistance Levels
On the downside, support is expected at 42,500, 42,365, and 42,200. If the index breaks below these levels, further downside could take it into the oversold zone, which lies between 41,950 and 41,800.
At these levels, buyers may step in, potentially providing a rebound, but until then, sell on rise remains the best trading strategy. The technical indicators point to a weakening trend, and traders should focus on shorting the index at resistance levels for near-term profits.
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Nifty Auto Index: Negative Bias, Sell on Rise Strategy
The index appears to be underperforming, and further downside movement is expected, especially given the weak technical indicators. Key support levels on the chart are 25,500, 25,050, and 24,800.
These levels are critical for traders to monitor, as a break below could lead to further underperformance. The overall trend in the near and short term is bearish, making the “sell on rise” strategy particularly effective for traders and swing traders. Until the index shows signs of stabilizing, focusing on shorting opportunities will yield better returns than attempting to go long.
Conclusion
For the Nifty IT Index, resistance at 43,200 is key, with support levels at 42,500, 42,365, and 42,200. In the Nifty Auto Index, the stoploss is set at 26,850, with critical support levels at 25,500, 25,050, and 24,800. Traders should focus on shorting opportunities in both indices, as technical indicators suggest continued underperformance in the near term.
First Published: Oct 10 2024 | 7:31 AM IST
