Nifty BeES May Retest September Highs, Enter Price Discovery: SEBI RA Priyank Sharma

The analyst maintained both short- and medium-term bullish targets based on price structure.

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.

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