Kotak Securities analyst Amol Athawale has identified bullish chart patterns in Meesho, PB Fintech, and Jubilant FoodWorks, noting that midcap stocks are significantly outperforming the Nifty 50 index in August 2026.
Midcap and smallcap stocks have been leading the Indian market momentum throughout August 2026, consistently outpacing the benchmark Nifty 50 index. While the broader market indices have seen strong participation, the Nifty 50 has faced relatively limited movement. Data shows that a significant portion of the Nifty Midcap 150 and Nifty Smallcap 250 constituents have registered gains this month, reflecting a clear rotation of capital into these high-growth segments.
Against this backdrop, Amol Athawale, Vice President of Technical Research at Kotak Securities, has analyzed the price charts of three specific midcap companies, identifying technical breakout patterns that may suggest further momentum.
Meesho and PB Fintech Chart Patterns
Meesho, which went public in December 2025, has been highlighted for forming an 'Ascending Triangle'—a chart pattern often associated with potential upward momentum. The stock has shown a 'higher bottom' formation, which analysts sometimes view as a sign of building strength. According to the report, the price level of ₹199 is the critical support zone to monitor; maintaining this level is viewed as key to potential further upside toward ₹222. However, investors should be aware that the stock has recently witnessed large-scale block deals from early investors, such as Y Combinator, Peak XV Partners, and Elevation Capital, which can sometimes create temporary volatility or selling pressure regardless of technical patterns.
PB Fintech, the parent company of the online insurance aggregator PolicyBazaar, is also showing a 'Symmetrical Triangle' breakout on its weekly chart, often interpreted as a period of consolidation followed by a potential directional move. The analyst noted that volume activity has been notable, supporting the chart structure. The immediate support for the stock is identified at ₹1,760, with the potential for it to test the ₹1,950 level if the current trend continues.
Jubilant FoodWorks View
Jubilant FoodWorks, a major player in the quick-service restaurant (QSR) sector, presents a slightly different trend. The stock has been trading in a range after an initial phase of growth. While the price action is currently sideways, the short-term chart structure remains intact. The analysis points to the 200-day moving average—a key long-term price level—acting as support around ₹495 and ₹480. Resistance, or the level where selling pressure might increase, is pegged at ₹530 and ₹550. Analysts caution that a move below the ₹480 mark could weaken the current bullish setup.
Market Risks to Consider
Investors should note that technical analysis provides a framework based on past price movements and does not predict future performance with certainty. Technical breakout signals can fail, especially if broader market sentiment turns negative due to external factors like rising oil prices, geopolitical uncertainty, or shifts in central bank policies. Additionally, midcap stocks inherently carry higher volatility compared to large-cap companies. The market rotation into midcaps is currently positive, but investors may track whether this outperformance sustains or if profit-booking emerges as the market reacts to global and domestic macroeconomic data.