Nifty 50, Sensex and the Nifty Bank index witnessed a short-lived dip as expected. The supports for the benchmark indices limited the downside and the bounce is as anticipated. Sensex and the Nifty Bank index recovered all the loss and closed marginally higher. Nifty, on the other hand, closed slightly in the red by 0.06 per cent.
Among the sectors, the BSE IT index, up 2.92 per cent rose the most last week.
The overall uptrend is intact. We retain our bullish view of the benchmark indices making new highs going forward.
Video Credit: Businessline
Nifty 50 (26,186.45)
Short-term view: The outlook remains bullish. Nifty can rise and retest the 26,300-26,350 resistance zone. We expect the index to make a bullish breakout above 26,350. Such a break can take the Nifty up to 26,850-26,900 in the short term.
Supports are at 26,000 and 25,850. Even if the index breaks below 25,850, the downside can be limited to 25,700. A fall below 25,700 is needed to turn the outlook negative. But that is unlikely.
Medium-term view: Â The overall uptrend is intact. We retain our bullish view of seeing a rise to 27,500-28,000 in the medium term. Nifty has potential to target 31,000-32,000 on the upside in the long term.
Immediate support is at 25,000. Below that, 24,000-23,500 is the next strong support zone. The outlook will turn bearish only if the index declines below 23,500. That looks less likely. Also, we can expect the Nifty to sustain above 25,000 itself now.
Nifty Bank (59,777.20)
Short-term view: The dip to 59,000 happened last week as expected. Nifty Bank index has bounced back well after making a low of 58,925.70. That keeps the broader bullish view intact.
Immediate support is at 59,500. The next support is at 59,000. Nifty Bank index can test the 60,300-60,500 resistance zone this week. An eventual break above 60,500 can then take the index further up to 61,000 in the short term.
Medium-term view: The broader uptrend is intact. Nifty Bank index can rise to 62,000-62,500 on a break above 61,000. A corrective fall to 60,000-59,000 is a possibility thereafter.
From a long-term perspective, Nifty Bank index can break 62,500 eventually and rally to 65,000 in the long term.
Immediate supports are at 59,000 and 58,000. Lower supports are at 56,000, 55,000 and 54,000. The index has to fall below 54,000 to turn the outlook bearish.
Sensex (85,712.37)
Short-term view: The support at 84,500 has held very well. Sensex touched a low of 84,763.64 and has recovered well from there. Bullish view is intact. A rise to test the 86,300-86,350 resistance zone is possible this week. We expect the index to breach 86,350 eventually. Such a break can take the Sensex up to 87,500-88,000 in the short term.
Supports are between 85,000 and 84,800 and in the 84,500-84,450 region. A fall below 84,450 is needed to turn the short-term picture negative. That can then take the index down to 83,600-83,300. But such a fall looks less likely.
Medium-term view: The broader bullish view is intact. The upside is open to see 91,000-92,000 in the medium term. But an intermediate correction from around 89,000 to 86,000 cannot be ruled out. Eventually, Sensex can target 95,000 on the upside over the long term.
The region between 83,000 and 82,000 will be a strong support. A fall below 82,000 is needed to turn the outlook bearish and drag the Sensex down to 79,000.
Nifty Midcap 150 (22,207.90)
Nifty Midcap 150 index is stuck between 22,000 and 22,500 over the last four weeks. That leaves the short-term outlook unclear. For now, the range is intact. A breakout on either side of 22,000-22,500 will determine the next move.
A break above 22,500 will be bullish to see 22,900 on the upside. It will also confirm the bullish inverted head and shoulder pattern on the chart. That in turn will keep the upside open to see 24,500-25,000 in the medium term and 27,000-28,000 in the long term.
On the other hand, if the index breaks the range below 22,000, it can fall to 21,700-21,600. The outlook will turn bearish for a fall to 21,000 only on a break below 21,600. That will also negate the bullish inverted head and shoulder pattern.
Nifty Smallcap 250 (16,494.90)
The Nifty Smallcap 250 index has declined below the crucial support level of 16,600. The 200-Day Moving Average (DMA) support is at 16,470. A break below it can take the index down to 16,300. Such a fall will turn the entire picture bearish to see 15,500-15,400 on the downside.
To avoid the danger of this fall, the index has to sustain above 16,470 and rise past 16,750 immediately this week. If that happens, then there is a good chance of seeing a rise to 17,000-17,300 and some relief.
So, the price action this week is going to be very crucial for this index.
Published on December 6, 2025
