Global Markets
Home›Global Markets›Trade & Tariffs›Nifty slips after US-Iran tensions lift oil, analysts…
Nifty slips after US-Iran tensions lift oil, analysts flag support
The Nifty closed 0.61% lower on 8 September at 23,635, with support seen at 23,600 to 23,500 and a pullback target near the 50-day EMA around 24,150.
India’s Nifty faced headwinds in early September, snapping a two-month winning run as renewed US-Iran tensions pushed oil prices higher, LiveMint Markets reported. The index slid 1.2% in August, and it was down 1.25% for September month-to-date before the latest close.
On 8 September, the Nifty ended 0.61% lower at 23,635, edging toward a key support zone of 23,600 to 23,500, described as the confluence of a prior major gap and the July 2026 low. Bajaj Broking’s technical deputy vice president, Pabitro Mukherjee, said indicators including the daily stochastic and a 14-period RSI have approached oversold territory.
Mukherjee’s base case is that holding above 23,600 to 23,500 could trigger a pullback toward the 50-day EMA, positioned near 24,150. He also said only a move above 24,150 would open upside toward 24,500 to 24,600, while a breach below 23,500 would signal an extension of the corrective decline and potential movement toward the June low range of 23,000 to 23,200.
Beyond the index setup, Mukherjee highlighted individual stock charts, including BHEL’s positive longer-term structure, with the stock forming a base around the 50-day EMA and pointing to a possible move toward ₹454 in the coming month. He also cited Yatra Online’s symmetrical triangle formation over four months, expecting an upside breakout as the triangle apex is approached, according to LiveMint Markets.