A CLSA note dated Oct. 23 pointed to range trading after breakouts failed in several markets, NDTV Profit reported, while leaving the status of earlier Nifty 50 levels unconfirmed.
The outlet attributed the note to Laurence Balanco and Yi Zhou. It described the tactical outlook as moving away from trend-following after recent moves lacked follow-through.
For the S&P 500, NDTV Profit said 71.8% of index members were above their 20-day average on Oct. 20; the comparable reading on Sept. 10 was 17.8%. The report identified a support area of 7,600–7,642 points and said a close below 7,600 would put the index back inside its prior trading range.
The Nasdaq 100’s share of members above the 20-day average stood at 53%, down from 64%, NDTV Profit reported. The outlet also said the index had slipped below its 20-day and 50-day averages and returned to the trading range it occupied from June through October.
For the Nifty 50, NDTV Profit traced support at 21,700–22,182 points and the upper end of a broader range, at 26,000–26,300, to an earlier CLSA assessment. Earlier coverage by NDTV Profit and Business Upturn cited those levels. The Oct. 23 report did not establish that they remained unchanged. NDTV Profit alone also reported resistance areas at 23,070 and 23,654–24,183 points, near the index’s 50-day and 200-day averages.
An earlier NDTV Profit account described the Nifty as below its 200-day moving average within a wider range dating to the index’s October 2024 peak. Business Upturn reported that CLSA would look for bullish price and momentum divergence near the support area before treating it as a possible bottom-fishing opportunity. The outlet said the zone overlapped with areas linked to rebounds after the March 2025 and April 2026 lows.
The Nifty 50 fell 0.34% on Oct. 21, when Indian technology shares outperformed the broader market.
