1 week ago
Nifty Outlook: Technical Signals Point to Further September Gains
The Nifty 50 is a group of 50 major Indian stocks.
It rose during the August trading period and ended that period higher.
On the final day, it first fell but later recovered strongly.
Analysts say its chart now shows a bullish pattern, which can be a sign of improving momentum.
The index must move above 24,370–24,400 to show more strength.
It may find support around 24,197–24,208 if it falls.
A break below that support could lead to more weakness.
The analysis also highlights eClerx Services, which could rise if it moves above ₹1,890.
The Nifty 50 gained nearly 1.45% during the August series, which ended positively on August 25.
The index recovered from an intraday low of 24,115.45 and closed above 24,300 after support from the rising trendline and Closing Auction Session.
A bullish engulfing pattern formed, with the Nifty moving above its 20-, 50-, and 100-day EMAs.
Immediate resistance is at 24,370–24,400, while support is placed at 24,197–24,208.
eClerx Services may confirm a bullish pennant breakout above ₹1,890, with upside levels of ₹1,950 and ₹2,025.
- Who
- The Nifty 50 index and eClerx Services are the subjects of the analysis.
- What
- The analysis assesses whether the Nifty 50 can continue rising in the September series and identifies a potential breakout in eClerx Services.
- Where
- The analysis concerns the Indian stock market.
- When
- The August series ended on Tuesday, August 25; the outlook concerns the September series.
- Why
- Technical indicators, moving-average levels, Fibonacci retracement levels, and chart patterns suggest possible further gains, while identified support levels indicate potential downside risks.
Key facts
- August series performance
- The Nifty 50 gained nearly 1.45%.
- Expiry-day low
- 24,115.45
- Immediate Nifty resistance
- 24,370–24,400
- Immediate Nifty support
- 24,197–24,208
- Potential Nifty upside
- 24,600–24,700 if resistance is decisively crossed
- eClerx breakout level
- A sustained move above ₹1,890 could confirm a pennant breakout.
- eClerx risk and targets
- Stop loss at ₹1,812; potential upside levels are ₹1,950 and ₹2,025.
Sources
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