Analyst: Manjushri Sharma
SEBI Registered Research Analyst – INH000019497
Date: 29th August 2025
🔎 Market Commentary
In our previous note, we highlighted that a breach below 24,900 would open the door for a retest of 24,750. This support was indeed tested during the August expiry, reaffirming its importance as a near-term base.
Going into September, the technical structure has weakened further. On the hourly timeframe, Nifty has given a bearish crossover, suggesting short-term selling pressure. On the daily chart, the index is in the process of forming a Head & Shoulders (H&S) pattern – a classic reversal structure that typically indicates scope for a deeper corrective move if validated.
At present, the immediate support zone lies at 24,350–24,300, coinciding with the potential completion of the second shoulder. Sustaining above this zone could lead to a short-covering bounce towards 24,500 and 24,800.
On the other hand, a decisive breakdown below 24,300 with volume confirmation would validate the H&S formation and increase downside risk. In such a scenario, the next major supports for Nifty Spot are seen at 24,000 and 23,800.
📌 Key Technical Levels
| Level Type | Nifty Levels |
|---|---|
| Immediate Support | 24,350 – 24,300 |
| Resistance Levels | 24,500 / 24,800 |
| Breakdown Trigger | Below 24,300 (with volume confirmation) |
| Next Major Supports | 24,000 / 23,800 |
📉 Technical Chart – Nifty 50
(Hourly chart showing bearish crossover and support levels)
💡 Key Insights
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24,300 is the make-or-break level → Holding above it may trigger a bounce towards 24,500 / 24,800.
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Breakdown Risk → Sustained fall below 24,300 with volume may validate the H&S pattern.
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Downside Levels → If breakdown confirms, 24,000 and 23,800 become the next support zones.
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Trading Bias → Stay cautious near 24,300; position sizing is key at current levels.
⚠️ Disclaimer
This report has been prepared by Manjushri Sharma, SEBI Registered Research Analyst (INH000019497) under Equity Guru MS. The information, analysis, and views presented are for educational and informational purposes only and should not be considered investment advice. Investors are advised to consult their financial advisor before making any investment decisions. Equity markets are subject to market risks, and past performance is not indicative of future returns.