Nifty 50, Sensex and the Nifty Bank index extended the rise for the second consecutive week. All the three indices were up about 1.2 per cent each. Indeed, the mid and small cap segments outperformed the benchmark indices. The Nifty Smallcap 250 and the Nifty Midcap 150 indices surged 4.36 per cent and 3.5 per cent respectively.

The week began on a negative note with a wide gap-down. However, the indices managed to bounce back immediately and sustained higher all through the week. This clearly signals that buyers are entering the markets at lower levels. That in turn keeps our overall bullish view intact. The Indian benchmark indices are likely to go higher in the coming weeks. Any intermediate dips are likely to be short-lived.

FPIs buy

The Foreign Portfolio Investors (FPIs) snapped their six-week selling spree. The FPIs were net buyers of Indian equities last week. There was a net inflow of about $514 million into the equity segment. It is important now to see if the FPIs continue their purchase or not. We have to wait and watch.

Video Credit: Businessline

Nifty 50 (24,353.55)

Short-term view: Nifty can rise to test the 24,500-24,650 resistance cluster this week. Failure to breach 24,650 on its first attempt can trigger a corrective fall to 24,100-24,000 or 23,800. However, a fall below 23,800 is unlikely.

An upward reversal anywhere from the 24,100-23,800 region will have the potential to breach 24,650. Such a break can take the Nifty up to 24,900-25,000 initially and then 25,500 eventually.

A break below 23,800 is needed to increase the downside pressure and drag the index down to 23,400-23,300.

Medium-term view: The strong bounce after a gap-down open last week strengthens our broader bullish view. Nifty can rise to 26,500 in the medium term. Failure to breach 26,500 and a subsequent fall below 25,000 will continue to keep it in the broad 22,000-26,500 range.

The bias continues to remain positive. So, we expect a decisive break above 26,500 eventually. Such a break will boost the momentum. It can then take the Nifty higher to 28,000 and 30,000 in the long term.

Nifty Bank (56,565.70)

Short-term view: An immediate resistance is at 56,900. Above that, 58,000 is the next resistance. We can expect the Nifty Bank index to test 58,000 initially. Thereafter, a corrective fall to 56,000 is a possibility.

Eventually, the index can break 58,000 and rise to 60,000-60,500 in the coming weeks.

In case, the index fails to bounce back from around 56,000, then an extended fall to 54,000-53,500 can be seen. Thereafter a fresh leg of upmove can happen. In this case, the rise to 60,000-60,500 will get delayed.

Medium-term view: As mentioned last week, a strong weekly close above 60,500 will strengthen the momentum. That will clear the way for a rise to 64,000-65,000 in the medium term.

From a long-term perspective, the Nifty Bank index has potential to target 68,000-69,000 on the upside. There is no major threat for this bullish view as long as the index sustains above 53,500. Indeed, this view will go wrong only if the index declines below 50,000.

Sensex (78,493.54)

Short-term view: Strong supports are at 77,450 and 76,900. These supports can be tested initially if the Sensex fails to rise past 79,200 from here. However, the bias will remain positive and a fall below 76,900 is less likely.

Sensex can rise to 80,000 first. A break above 80,000 can then clear the way for a rise to 82,000.

Medium-term view: The overall picture remains positive. The level of 83,000 is an important intermediate resistance. A break above it can boost the momentum. It can then take the Sensex up to 86,000 or even 90,000 in the medium term. Such a rise will also open the doors for the Sensex to target 98,000 in the long term.

In case the Sensex turns down from around 86,000, the broader sideways range can continue to remain intact.

Nifty Midcap 150 (22,045.20)

A strong rise and a decisive close above 21,650 last week strengthens the bullish case. The level of 21,650 will now act as good resistance-turned-support. A rise to 22,700-23,000 is possible in the coming weeks. The price action thereafter will be crucial.

Failure to breach 23,000 can drag the index down to 22,000-21,000 and even lower again.

The bias is positive to see a bullish breakout above 23,000 if not immediately, but eventually. Such a break can take the Nifty Midcap 150 index up to 26,000-26,500 initially and then to 28,000-28,500 eventually in the long term.

Nifty Smallcap 250 (16,439.25)

Immediate resistances are at 16,580 and 16,650. Failure to breach 16,650 can trigger a corrective fall to 15,800 or 15,500. Fresh buyers are however likely to come into the market and limit the downside.

As such a fresh rise from 15,800 or 15,500 can trigger a breakout above 16,650. Such a break can take the index higher to 17,500 initially and then to 18,300 eventually.

From a long-term perspective, the index has to breach 18,300 decisively to gain momentum. Such a break will see the Nifty Smallcap 250 index rallying to 22,500-23,000 and even 24,000 in the long term.

As long as the index stays above 14,000, the long-term bullish view will remain valid.

Published on April 18, 2026