Nifty 50 and Sensex managed to bounce back after witnessing a sharp fall initially on Monday. Both the indices remained broadly stable and rangebound all through the week thereafter. The indices closed the week on a flat note.
Nifty Bank index on the other hand outperformed last week. The index also fell initially but then rose back sharply recovering all the loss and closed the week up by 1.42 per cent.
Overall, the near-term picture looks mixed and rangebound for the Sensex, Nifty and Nifty Bank index. However, the bias remains positive. As such we can expect the benchmark indices to see a bullish breakout and a fresh rise eventually in the coming weeks.
Among the sectors, the BSE Metals index rose the most last week. It was up 4.5 per cent.
FPIs sell
The Foreign Portfolio Investors (FPIs) continue to sell the Indian equities. Last week, the equity segment saw a net outflow of about $1.19 billion. FPIs have pulled out about $2.5 billion from the Indian equity segment so far this month.
Video Credit: Businessline
Nifty 50 (25,694.35)
Short-term view: Nifty has support in the 25,600-25,550 region. Resistance is around 26,000. So, for now, 25,550-26,000 can be the trading range. The bias is positive. As such Nifty can breach 26,000 eventually and rise to 26,400-26,600 in the short term.
In case, the index breaks below 25,550, then a fall to 25,200-25,150 can happen first. Thereafter the Nifty can rise back again. In this case, the rise above 26,000 will get delayed.
For now, 25,200-25,000 is a strong short-term support. A fall below 25,000 looks less likely.
Medium-term view: The broader picture remains positive. Supports are at 25,000, 24,600 and 23,500. Nifty can rise to 27,500-28,000 in the medium term and 30,000-31,000 in the long term.
This bullish view will be negated only if the Nifty declines below 23,500. But that might need some strong negative trigger. Also, as mentioned last week, we can expect the Nifty to sustain above 25,000 itself going forward.
Nifty Bank (60,095.15)
Short-term view: The sideways range of 58,650-60,450 remains intact and the index has risen well within it last week. On the daily chart, the price action last week leaves the bias positive. Higher resistance above the range is at 60,700. The chances are high for the index to break this resistance. Such a break can take the Nifty Bank index higher to 61,800-62,000 in the short term.
In case the index breaks the range below 58,650, then a fall to 58,000 can happen first. Thereafter a bullish reversal can be seen. A fall below 58,000 is unlikely.
Medium-term view: The broader uptrend is intact, and the index is consolidating within it. Supports are in the 57,800-57,500 and 54,000-53,800 region. Nifty Bank index can rise to 63,000-63,500 in the medium term and 68,000-69,000 in the long term.
The outlook will turn bearish only when the index falls below 53,800. But such a fall looks less likely.
Sensex (83,570.35)
Short-term view: The support at 82,900 has held very well last week. The region between 83,000 and 82,800 can continue to act as a good support.
In the near-term, Sensex can remain rangebound between 82,800 and 84,300. The bias is positive to see a bullish breakout above 84,300. Such a break can take the index up to 86,000 and even 87,000 in the short term.
In case the index breaks below 82,800, then a fall to 82,000 can happen first and then a reversal is possible.
Medium-term view: The overall outlook is bullish. Sensex can rise to 89,000-90,000 in the medium term. The index also has potential to target 98,000-99,000 over the long term.
Strong supports are at 82,500-82,000 and 81,000. Sensex has to decline below 81,000 to negate the aforementioned rally and turn bearish.
Nifty Midcap 150 (21,975.10)
The Nifty Midcap 150 index broke the support at 21,800 but did not sustain. It bounced back from the low of 21,632 and then remained stable thereafter.
The immediate outlook is unclear. Cluster of resistances are in the 22,150-22,250 region. Supports are at 21,800 and 21,500. So, broadly 21,800-22,250 can be the short-term trading range.
A breakout on either side of 21,800 or 22,250 will determine whether the index can rise to 22,800 or fall to 21,000.
From a big picture, 21,000-20,000 is a strong support zone above which the outlook remains positive. An eventual break above 22,800 will boost the momentum. It will then clear the way for a rise to 26,000-26,500 in the medium term and 28,000-28,500 in the long term.
Nifty Midcap 150 index has to decline below 20,000 to negate the bullish bias. Only then the outlook will turn bearish.
Nifty Smallcap 250 (16,207.30)
The near-term picture remains weak. Immediate resistances are at 16,400 and 16,800. Support is around 15,850. As long as the index stays below 16,800, the bias remains negative to break the support at 15,850. Such a break can drag the Nifty Smallcap 250 index down to 15,500 and 15,200 in the short term.
From a long-term perspective, 15,000 is a strong support. A fall below it is less likely. A fresh leg of rise from here can take the index up to 17,000 and 18,000 again over the medium term.
A decisive rise above 18,300 will confirm the bullish trend reversal. That in turn will have the potential to take the Nifty Smallcap 250 index up to 23,500 in the long term.
Published on January 17, 2026
