Nifty Auto, Energy bearish on charts; check key levels and trading strategy

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Nifty Auto, Energy bearish on charts; check key levels and trading strategy - Business Standard

Quick Summary:

The Nifty Energy Index is showing a bearish trend in the near term, as indicated by multiple technical indicators such as RSI, MACD, and Stochastic, which all suggest further downside movement.

To manage risk effectively, traders should apply a strict stop-loss at 42800 on a closing basis.

Traders should closely monitor the 25600 level, as a trade and close below this mark could trigger a significant sell-off in the index and its constituents.