’Fasten your seatbelts’— BTIG strategists warn of coming turbulence
Stocktwits - Nifty BeES, the exchange-traded fund (ETF) that mirrors India’s benchmark Nifty 50 index, is showing signs of bullish momentum and may be on track to retest its September 2024 high of ₹293.99, according to SEBI-registered analyst Priyank Sharma.
At the time of writing, Nippon India ETF Nifty 50 BeES was trading at ₹279.75, up 1% on the day.
He said the ETF, managed by Nippon Life India Asset Management, could potentially enter a new price discovery zone if it breaks past this level.
According to Sharma, the ETF emerged from a six-month consolidation phase in June 2024 before the Lok Sabha elections, which initiated a strong rally.
The ETF hit an unprecedented high value of ₹293.99 in September 2024.
Eight months following its peak, the ETF saw a downward correction of 21.32% before reaching its lowest point in April 2025.
Sharma said that even with worldwide tariff worries, NiftyBees maintained its 2024 minimum levels with remarkable resilience.
He identified a bullish reversal pattern by noting that the price sustained its move above the March 2025 swing high for two months.
The ETF has since entered a rectangular consolidation phase.
Sharma said last week’s false breakdown, or "fake-out," was quickly reversed — a signal that increases the probability of an upside breakout.
A move beyond ₹293.99 would clear the final major resistance and could open the way to new highs.
In the short term, Sharma maintained a bullish outlook with target levels of ₹285 to ₹293 and a stop-loss trigger at ₹271.
For the medium term, he projected targets of ₹330 to ₹350, with invalidation below ₹260.
On Stocktwits, retail sentiment was ‘extremely bullish’ amid ‘high’ message volume.
The index has risen 5.3% so far in 2025.