Nifty 50, Sensex and the Nifty Bank index fell last week in line with our expectation. The Nifty Bank index, however, managed to bounce back recovering all the loss and close the week marginally higher. The Sensex and Nifty on the other hand recovered only some of the loss and were down about 0.9 per cent each.
There is not much room left of the downside. Strong supports are there to limit the downside and halt this corrective fall. As such we can expect the Nifty, Sensex and the Nifty Bank index to reverse higher again and resume the broader uptrend in a week or two.
FPIs sell
Foreign Portfolio Investors (FPIs) were net sellers of Indian equities last week. They sold about $1.41 billion thereby wiping out most of the inflows seen in the previous month. The FPIs have to start buying the Indian equities consistently in order to push the Sensex and Nifty to new highs.
Video Credit: Businessline
Nifty (25,492.30)
Short-term view: Significant supports are at 25,350 and 25,230 which can limit the downside. Nifty can reverse higher from either of these two supports and rise to 25,700-25,800 initially. An eventual break above 25,800 will then take it higher to 26,300.
In case the Nifty breaks below 25,230, an extended fall to 25,000 can be seen. Thereafter the rise to 25,800 and 26,300 can happen. For now, we are not expecting a fall beyond 25,000 in the absence of any negative trigger.
Medium-term view: The broader uptrend is intact. Supports are at 25,000, 24,000 and 23,500. Nifty can rise to 27,500-28,000 in the medium term and 31,000-32,000 in the long term. A break above 26,300 will clear the way for this rally.
The bullish view will go wrong only if the Nifty declines below 23,500
Nifty Bank (57,576.80)
Short-term view: The support at 57,000 is holding well. That keeps the door open for the Nifty Bank index to see a rise to 59,000-59,200 in the coming weeks.
The index will come under pressure only if it declines below 57,000. If that happens, a fall to 56,500 or 56,000-55,900 can happen first, but not beyond that. Thereafter it can rise back to 57,500-58,000 initially and then to 59,000 eventually.
Medium-term view: The broader picture is positive. Nifty Bank index has the potential to target 61,500-62,000 in the medium term. A corrective fall to 60,000-59,000 is a possibility before the index targets 65,000 in the long term.
The region between 55,000 and 54,000 is a strong support. A fall below 54,000 is needed to turn the outlook bearish and negate the bullish view.
Sensex (83,216.28)
Short-term view: Sensex fell below 83,000 contrary to our expectation. However, it has risen back well from the low of 82,670.95. Support is at 82,500 and in the 82,200-82,000 region. Sensex can sustain above 82,000 and rise back to 84,500-85,000 again. A break above 85,000 can then take it higher to 86,500.
In case the Sensex declines below 82,000, a fall to 81,000 can be seen.
Medium-term view: The big picture remains bullish. Strong support is in the 80,000-79,000 region. Sensex can rise to 88,000-89,000 in the medium term and 91,000-92,000 in the long term. The rally can extend even to 94,000-95,000 if the momentum is strong.
The bullish view will get negated only if the Sensex declines below 79,000. As mentioned last week, a strong negative trigger might be needed to drag the Sensex below 79,000.
Nifty Midcap 150 (22,026.40)
The support at 21,700 has held very well last week. The Nifty Midcap 150 index rose back sharply on Friday from its low of 21,681.15. A strong follow-through rise, and a subsequent break above 22,200, will be bullish. It can then take the index up to 22,500-22,600 in the short term.
It will thereafter confirm the bullish inverted head and shoulder pattern. That will have the potential to take the Nifty Midcap 150 index up to 23,000-23,500 in the medium term and 25,000-25,500 in the long term.
Failure to breach 22,200 and a fall below 21,700 will continue to keep the 20,600-22,200 range intact. A subsequent break below 21,500 can then drag the index down to 20,800-20,600.
Nifty Smallcap 250 (17,020.05)
The Nifty Smallcap 250 index has declined breaking the 17,200-17,100 support zone contrary to our expectation. Failure to rise back above 17,200 from here can drag the index down to 16,700-16,600 this week.
Thereafter the index can rise back to 17,000-17,200. A decisive break above 17,200 can then take it up to 17,600 and 18,000.
From a big picture, the Nifty Smallcap 250 index must breach 18,100 to confirm a bullish inverted head and shoulder pattern. Only then the index can gain momentum to target 20,000 in the medium term and 21,500-22,000 in the long term.
A fall below 16,600 will negate this bullish possibility. If that happens,16,000-15,700 can be seen on the downside.
Published on November 8, 2025
