Nifty could fall to 23,260 if it fails to reclaim 24,215: Anand James
The Nifty index slipped for the fourth straight week, facing a potential drop to 23,260. Analysts warn that closing above 24,215 is required to confirm a bullish reversal.
Analysts caution that the Nifty has slipped for the fourth consecutive week, closing at 23,897.7 and breaking below the 24,000 support level. Anand James, chief market strategist at Geojit Investments, states that if the index cannot reclaim 24,215, it risks a deeper correction toward 23,260. While 23,800 remains a firm near-term support level per James, he notes that any bounce attempt could prove short-lived without sustained closes above 24,215. The benchmark has struggled around 24,000 repeatedly since April, having broken below an upward trendline established that period. A strategy involving a market-neutral Long Straddle is suggested for the September 8 expiry, utilizing call and put options at 23,950 with premiums of 89 and 80 respectively. Rajesh Palviya of Axis Securities highlights that a decisive move above 24,200 confirms a reversal, whereas a sustained break below 23,800 opens the door to the 23,500–23,600 range. Specific stock picks include Apollo Tubes and One 97 Communications (Paytm), both flagged for buy based on recent price action and technical indicators like RSI levels near 60.
