New Delhi, Aug. 15 -- Indian benchmark index Nifty 50 is likely to witness a near-term rebound, according to Axis Securities. For the second consecutive month, the index tested its prior supply zone of 25,600-25,700 levels; however, profit booking at elevated levels dragged it lower, resulting in a 2.9% loss.

The index has lost half a percent in August so far, following a 3 percent decline in July. Before that, it was in the green for 4 straight months, up 3 percent in June, 1.7 percent in May, 3.5 percent in April, and 6.3 percent in March.

Axis Securities highlighted that the index continues to move higher on a broader timeframe, forming a consistent series of higher tops and higher bottoms on the long-term chart. This suggests that m...