Nifty 50, Sensex and the Nifty Bank index have risen back well last week in line with our expectation. Nifty and Sensex rose 1.6 per cent each and the Nifty Bank index was up 1.1 per cent. The bounce last week gives an early signal that the broader uptrend could be resuming. A cup and handle pattern formation on the charts of Sensex and Nifty strengthens the bullish case. Overall, the broader uptrend is intact, and we can expect the Indian benchmark indices to scale new highs.
FPIs buy
The Foreign Portfolio Investors (FPIs) turned net buyers of Indian equities after selling heavily in the previous week. The equity segment saw a net inflow of about $305 million last week. FPIs have to accelerate their purchase in order to boost the rally in the Indian market.
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Nifty (25,910.05)
Short-term view: The outlook is positive. Supports are at 25,750 and 25,500. Nifty can rise to 26,300. This rise can happen either from here itself or after a dip to 25,750 or 25,500.
An eventual break above 26,300 can then take the index higher to 26,800 in the short term.
Cluster of supports are there in the broad 25,350-25,000 region. Nifty has to decline below 25,000 in order to turn the short-term picture negative. But that looks less likely.
Medium-term view: The broader uptrend is intact. Nifty can target 27,500-28,000 in the medium term. The chances of the upside extending up to 29,500-30,000 cannot be ruled out. A corrective fall from 30,000 is a possibility before the Nifty targets 31,000-32,000 on the upside in the long term.
Supports are at 25,000, 24,000 and 23,500. Nifty has to decline below 23,500 to become bearish.
Nifty Bank (58,517.55)
Short-term view: Outlook is bullish with good support at 57,500. The Nifty Bank index can rise to 59,300-59,500 initially. A break above 59,500 can then take it higher towards 60,300.
The near-term picture will turn negative if the index declines below 57,500. If that happens, a short-lived fall to 56,500-56,300 can be seen first. Thereafter the index can rise back towards 59,300-59,500.
Medium-term view: The broader uptrend is intact. Nifty Bank index can rise to 61,500-62,000 in the medium term. Thereafter a corrective fall to 60,000-59,000 is a possibility. From a long-term perspective, the Nifty Bank index has the potential to target 65,000.
Strong support is in the 55,000-54,000 region. The index has to fall below 54,000 to negate the aforementioned bullish view.
Sensex (84,562.78)
Short-term view: Outlook is bullish. The rise to 85,000 almost happened in line with our expectation last week. Sensex can test the near-term resistance at 85,500-85,600 now. A break above 85,600 can then take the Sensex up to 87,300 in the short term.
Immediate support is at 84,000. Below that, 83,600, 83,300 and 83,000 are the next important supports. A fall below 83,000 is unlikely if the Sensex declines below 84,000 from here.
Medium-term view: The broader uptrend is intact. We retain our bullish view of seeing a rise to 88,000-89,000 in the medium term. From a big picture, Sensex has the potential to target 91,000-92,000 or even 94,000-95,000 on the upside in the long term.
The region between 80,000 and 79,000 is a strong support zone. Sensex has to decline below 79,000 to turn the outlook bearish.
Nifty Midcap 150 (22,331.25)
The long-awaited breakout above 22,200 happened last week. The region between 22,200 and 22,100 will now act as a good support. A rise to 22,600-22,700 looks likely now. Such a rise will confirm the bullish inverted head and shoulder pattern.
That in turn will have the potential to take the Nifty Midcap 150 index up to 24,500-25,000 in the medium term. It will also keep the upside open to target 27,000-28,000 over the long term.
If the index fails to get a strong follow-through rise this week, it can remain under pressure to decline below 22,100 again. In that case, 21,700-21,600 can be seen on the downside.
A strong break below 21,600 is needed to turn the short-term picture negative. Such a break, though less likely, can drag the index down to 21,000-20,850.
Nifty Smallcap 250 (17,081.45)
The Nifty Smallcap 250 index remained stable in a narrow range all through last week. Immediate resistance is around 17,200. The index has to breach this hurdle to gain strength and rise to 17,500-17,700 in the coming weeks. That will also keep the upside open to test 18,000-18,100 in the short term.
The index is yet to get a bullish breakout unlike the Nifty Midcap 150 index. A decisive break above 18,100 is needed to confirm the bullish inverted head and shoulder pattern. Only then the upside will open up to see 20,000 in the medium term and 22,000 in the long term.
If the index fails to breach 17,200, then it can remain under pressure for a fall to 16,700-16,600.
Published on November 15, 2025
