Nifty 50, Sensex and the Nifty Bank index began the week on a positive note and moved up well in the first half. But then the indices reversed sharply lower in the second half of the week giving away most of the gains.
The US Supreme Court striking down the tariffs levied by the President Donald Trump is a positive factor for the market. However, uncertainty still prevails as all eyes are on Trump to see what will be next? So, we will have to wait and watch how the market reacts to this news on Monday.
That said, on the charts nothing much has changed. There are no major warning signals. The bias continues to remain positive. Supports are there to limit the downside.
FPIs sell
The Foreign Portfolio Investors (FPIs) have turned net sellers of Indian equities again after buying for two consecutive weeks. The equity segment saw a net outflow of about $304 million last week.
Nifty 50 (25,571.25)
Short-term view: The struggle to breach the psychological 26,000 mark continues. However, support is in the 25,200-25,100 region. We expect the Nifty to sustain above this support and rise back to 26,000. Eventually we expect the Nifty to break 26,000 and rise to 26,400-26,500 in the short term.
In case the index breaks below 25,100, an extended fall to 24,800 or 24,400 can be seen. In that scenario, the rise to 26,000 and higher levels will happen with a delay.
Medium-term view: The broader bullish view will remain intact as long as the index stays above the 24,000-23,500 support zone. We retain our view of the Nifty rising to 27,500-28,000 in the medium term and 30,000-31,000 in the long term. A decisive break above 26,500 can trigger this rally.
Nifty has to fall below 24,000 to come under pressure. A subsequent break below 23,500 will only negate our bullish view.
Nifty Bank (61,172)
Short-term view: The support at 59,750 mentioned last week has held very well. Supports for this week will be at 60,100 and 59,600 which are expected to limit the downside. The bias is positive. Nifty Bank index can rise to 62,200 initially and then to 63,000 eventually.
In case the index declines below 59,600, then 59,000-58,800 can be seen on the downside. However, a fall beyond 58,800 looks unlikely as seen from the charts.
Medium-term view: The index continues to consolidate within its broad uptrend. We retain our bullish bias. Nifty Bank index can rise to 64,000-65,000 in the medium term and 68,000-69,000 in the long term.
Intermediate support is at 56,000. Below that 54,000-53,500 will be the next strong support zone. The long-term outlook will turn negative only if the index declines below 53,500.
Sensex (82,814.71)
Short-term view: Immediate support is in the 82,150-82,000 region. Sensex has to sustain above this support to go back up towards 84,000. A sustained break above 84,000 will then clear the way for a revisit of 86,000 levels.
In case the index declines below 82,000, a fall to 80,600 or even 80,000 can happen first. Thereafter a rise to 84,000 and higher levels can be seen.
Medium-term view: The big picture remains bullish. Strong support is around 79,500. The upside remains open for the Sensex to see 89,000-90,000 in the medium term and 98,000-99,000 in the long term.
Sensex has to fall below 79,500 to negate the bullish view.
Nifty Midcap 150 (21,918.20)
The resistance around 22,200 is continuing to cap the upside. Support is in the 21,600-21,500 region. We expect the index to hold above this support and breach 22,200 eventually. Such a break can take the Nifty Midcap 150 index up to 22,800 initially.
A break above 22,800 will boost the momentum. Such a break can take the Nifty Midcap 150 index up to 26,000-26,500 in the medium term and 28,000-28,500 in the long term.
The short-term picture will turn negative if the index declines below 21,500. In that case, a fall to 21,000-20,700 can be seen.
The region around 20,000 is a crucial long-term support. The outlook will turn bearish only if the index declines below this support.
Nifty Smallcap 250 (15,958.80)
The index is struggling to get a strong follow-through rise over the last two weeks. A decisive break above 16,200 is needed to go up towards 16,500-16,600.
Immediate support is at 15,800. A break below it can drag the index down to 15,300-15,200 in the short term.
The long-term picture looks bullish with a strong support around 15,000. We expect the Nifty Smallcap 250 index to see a rally to 22,500-23,000. A break above 18,300, an important resistance, can clear the way for this rally. As such, this could be a good time to enter the Smallcap segment.
A fall below 15,000 is needed to negate this bullish view.
Published on February 21, 2026
