CLSA's Top Chartist Predicts Nifty's Future Trajectory

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Nifty's Next Move: CLSA Chartist Balanco Predicts Potential 40% Surge

Although volatile, the Nifty 50 index has not declined as much as feared, despite the five IT stocks listed on the index wiping out over ₹1.5 lakh crore in value in just the first few minutes of the trading sessions. The losses in IT stocks are being offset by other index heavyweights. Here's a list of the stocks aiding the recovery in the Nifty.

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CNBC TV18•06-03-2026, 07:56

Nifty's Next Move: CLSA Chartist Balanco Predicts Potential 40% Surge

•CLSA's Laurence Balanco sees Nifty's current action mirroring 2021-2023 'cup-and-handle' pattern, potentially leading to a 40% jump.
•Crucial support zone for Nifty is 23,700-23,800; breaking it would negate the bullish pattern.
•Nifty needs to break above 26,277-26,341 for an initial target of 28,700-28,800, with long-term potential to 31,600-31,700.
•Balanco expects Nifty to trade in a near-term range of 24,500-26,300.
•Recent weakness (1.6% down this week) attributed to US-Iran conflict and rising oil prices.

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Although volatile, the Nifty 50 index has not declined as much as feared, despite the five IT stocks listed on the index wiping out over ₹1.5 lakh crore in value in just the first few minutes of the trading sessions. The losses in IT stocks are being offset by other index heavyweights. Here's a list of the stocks aiding the recovery in the Nifty.

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