Trade Spotlight | You strategy for Dixon Technologies, Poonawalla Fincorp, IDBI Bank today

Immediate hurdle for Nifty at 19,400-19,500, while support lies at 19,300

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26 Aug, 2025 12:21

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The downward journey in equity markets continued for the second session in a row on August 3 amid weakness in global peers. As a result, the Nifty50 corrected up to around 19,300, but managed to sustain the level with smart recovery in late trade up to 19,400, which can be the immediate hurdle for the index, followed by 19,500-19,600 levels. The near-term support lies around 19,300, experts said.

The Nifty50 closed at 19,382, down 145 points, and formed a bearish candlestick pattern with upper and lower shadows on the daily charts, which can be considered as high wave kind of a pattern.

The BSE Sensex declined 542 points to 65,241, while the Nifty Midcap 100 and Smallcap 100 indices performed better than the benchmarks, rising 0.25 percent and 0.12 percent, respectively.

The Bank Nifty has also taken a nice support at 44,500 mark, but whether this could be held in the coming session is the key thing to watch. The index fell 482 points to 44,513, while the Nifty IT has broken 30,000 mark again, but has taken support at upward sloping support trendline, and closed at 29,971, down over 70 points.

Stocks that performed better than the broader market included Dixon Technologies, Poonawalla Fincorp, and IDBI Bank. Dixon Technologies has given a strong breakout after consolidation of previous eight sessions and closed above 21-day EMA (exponential moving average). The stock climbed 7.6 percent to Rs 4,443.35, and formed strong bullish candlestick pattern on the daily charts, with healthy volumes.

Poonawalla Fincorp has been trending higher since April, barring intermittent small corrections. The stock rose 7 percent to Rs 418 and formed healthy bullish candlestick pattern on the daily charts, with multi-fold jump in volumes.

IDBI Bank has seen Bullish Engulfing kind of pattern formation on the daily charts with strong volumes, indicating the possibility of continuity in positive bias and recouped all its previous day's losses. The stock rose 6.5 percent to Rs 64.4, the highest closing level since January 9, 2019.

The counter was into a sloping channel from the past few sessions. Eventually, its downward move stopped near the important demand zone. Moreover, the strong rebound in the counter from its demand zone on daily and weekly scale suggests that the bullish momentum to remain in the near future.

Unless it is trading below Rs 4,290, positional traders retain an optimistic stance and look for a target of Rs 4,770.

The counter is trading in a rising trend continuously and forming the higher lows series. The strong bullish momentum on weekly scale suggests that the counter is likely to maintain bullish continuation chart formation in the coming horizon.

As long as the counter is trading above Rs 400 the bullish formation is likely to continue. Above which, the counter could move up to Rs 450. On the flip side, fresh sell off possible only after dismissal of Rs 400. Below the same, it could retest the level of Rs 370.

On the weekly scale, the stock has given a breakout of its Ascending Triangle chart pattern with a strong bullish candlestick. Additionally, on the daily charts, it has formed a higher bottom formation, hence the structure of the stock indicates the beginning of a new up move from the current levels.

For the traders, Rs 61 would be the key support level to watch out. Above which the uptrend structure will continue until Rs 70.