Nifty 50 and Sensex tested their resistance last week and then fell back. This was in line with our expectation. Sensex and Nifty were down 2.33 per cent and 1.87 per cent respectively. The Nifty Bank index on the other hand fell 0.84 per cent.

A sharp fall in the Information Technology (IT) stocks weighed on the benchmark indices especially in the second half of the week. The BSE IT index tumbled about 10 per cent.

On the charts, the fall is just a correction within the recent upmove. Although there is room to fall further from here, supports are available to limit the downside. We can expect the Nifty and Sensex to rise back either from here itself or after some more fall. Nifty Bank index on the other hand has room to fall more before witnessing a reversal.

FPIs sell

The Foreign Portfolio Investors (FPIs) sold Indian equities last week. However, the quantum of selling was small. The equity segment saw a net outflow of about $54 million.

Video Credit: Businessline

Nifty 50 (23,897.95)

Short-term view: Immediate support is at 23,800-23,750. Below that, the 23,600-23,500 region is the next key support. Nifty can reverse higher from either of these supports and go up to 24,700 again. Failure to breach 24,700 can keep the index in a range of 23,500-24,700 for some time.

The bias remains positive. As such we can expect the Nifty to breach 24,700 if not immediately but eventually. Such a break can take the index higher to 25,300-25,500 in the short term.

Nifty will come under more pressure only if it breaks below 23,500. If that happens, then, there is a danger of revisiting 22,500 levels.

Medium-term view: There is no major change in the broader picture. We retain our view of the Nifty targeting 26,500 in the medium term. Failure to breach 26,500 can keep the index in the broad range of 22,000-26,500 for some more time.

Eventually, Nifty is likely to break 26,500 and rally to 28,000 and 30,000 in the long term.

This bullish view will go wrong only if the Nifty declines below 22,000.

Nifty Bank (56,089.75)

Short-term view: There is room for a fall to 54,500 or 53,500 from here. But after this fall the Nifty Bank index can reverse higher again. It can then go back up to 56,000 initially and to 58,000-58,500 eventually. An extended rise to 60,000 is also a possibility.

The short-term picture will turn negative only if the index breaks below 53,500. In that case, 52,500 and 51,000 can be seen on the downside.

Medium-term view: The bias remains positive. But we reiterate that a strong weekly close above 60,500 is needed to strengthen the bullish case. That in turn can boost the momentum and take the Nifty Bank index up to 64,000-65,000 in the medium term. Such a rise will open the doors for the index to target 68,000-69,000 over the long term.

Nifty Bank index has to break below 50,000 to negate this bullish view.

Sensex (76,664.21)

Short-term view: Support is at 76,000 which can be tested initially. Sensex can rise back from there and go up to 77,300-77,350 initially. A break above 77,350 will then ease the downside pressure and take the index up to 78,800-79,000 again. That in turn will increase the chances of a decisive break above 79,000 and a rise to 81,500-82,000.

A strong break below 76,000 is needed to bring the Sensex under pressure again. If it happens, then a fall to 74,000 and 72,500 is possible.

Medium-term view: The broader view remains positive. Sensex can gain momentum on a break above 83,000, a key intermediate resistance. Such a break can take the index up to 86,000 in the medium term. An extended rise to 90,000 is also a possibility.

In case the Sensex turns down from around 86,000, then it can remain stuck inside the broad range of 71,000-86,000 for some more time.

From a long-term perspective, Sensex can target 98,000 on the upside. This will come into play once the index makes a decisive break above 86,000.

Nifty Midcap 150 (21,875.95)

Barring the sharp fall on Friday, the Nifty Midcap 150 index remained higher and stable above 22,000. Cluster of supports are there in the 21,630-21,560 region. A bounce from this support zone and a subsequent rise above 21,900 can take the index back up to 22,200. An eventual break above 22,200 will then clear the way for the rise to 22,700-23,000.

The broader bias remains bullish. A decisive break above 23,000 can strengthen the momentum. That in turn can trigger a fresh  rally to 26,000-26,500 and 28,000-28,500 in the long term.

Crucial support to watch will be the 21,000-20,800 region. The short-term picture will turn negative only if the index declines below 20,800. In that case, a fall to 19,500 can be seen. But such a fall looks less likely.

Nifty Smallcap 250 (16,414.65)

The resistance at 16,650 mentioned last week has held very well. The Nifty Smallcap 250 index touched a high of 16,747.80 and has come down from there.

Immediate support is at 16,300. Below that, 15,950-15,900 and 15,840 are the next important supports. A bounce from any of these supports can take the index up to 16,500. A decisive break above 16,500 will then strengthen the bullish case for a rise to 17,500 and 18,300.

The index has to breach 18,300, a crucial resistance, to gain momentum. Only then the long-term bullish outlook for a rally to 22,500-23,000 and 24,000 will come into the picture.

The level of 14,000 is a strong support. The index has to break below it to prove our long-term bullish view wrong.

Published on April 25, 2026