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Nifty 50, Sensex and Nifty Bank indices rose about 2 per cent each last week. All the three indices closed the week on a strong note. Sensex and Nifty made the expected bullish breakout. Overall, the rise last week keeps our broader bullish view intact. It also keeps the door open for the benchmark indices to rise more going forward.
Foreign Portfolio Investors (FPIs) bought Indian equities for the third consecutive week. The equity segment saw a net inflow of about $1.52 billion. If the FPIs continue to buy, then the Sensex and Nifty can surge to new highs in the coming months.
The breakout above 25,300 happened last week as expected. The index touched a high of 25,654.20 and has closed the week at 25,637.80, up 2.09 per cent.
Short-term view: The outlook is bullish. Support is at 25,300 which can limit the downside for this week. Nifty can rise to 26,100-26,200 in the short term. Thereafter a corrective fall to 25,800 is a possibility before the next leg of up-move takes it higher towards 26,300-26,500.
Nifty has to fall below 25,300 to become negative. Only then a fall to 25,000-24,700 will come into play again. But such a fall looks less likely.
Chart Source: TradingView
Medium-term view: The broader bullish view remains intact. Nifty is heading towards 28,000-28,500 in line with our expectation. It also keeps intact our long-term view of the Nifty targeting 31,000 on the upside. A corrective fall to 26,000 is possible from the 28,000-28,500 region before the Nifty heads up towards 31,000.
The region between 24,000 and 23,500 will be the key support zone. Nifty has to fall below 23,500 to negate the bullish view and turn bearish. But that looks unlikely now in the absence of any strong negative trigger.
The expected rise to 57,300 happened last week. Nifty Bank index made a high of 57,475.40 and has closed at 57,443.90, up 2.12 per cent.
Short-term view: Immediate resistance is around 57,500. A break above it can take the Nifty Bank index up to 58,400 first and then to 59,100 eventually. However, a chance of seeing a corrective fall from 58,400 to 57,600 is a possibility before the index targets 59,100.
In case, the immediate resistance at 57,500 caps the upside now, then a fall to 56,000 or 55,500 can happen first and then the index can rise back again.
However, the preference is to see a rise from here straight away breaking above 57,500.
Chart Source: TradingView
Medium-term view: The bullish view is intact. The rise to 58,500-59,000 is happening in line with our expectation. After this rise a corrective fall to 56,000 is a possibility. After this fall a fresh leg of up-move can take the Nifty Bank index up to 61,000 over the long term.
Supports are at 55,000 and 54,500. Below that 53,000 will be the lower support.
The much-awaited bullish breakout above 83,000 happened last week. The Sensex surged to a high of 84,089.35 and closed the week at 84,058.90, up 2 per cent.
Short-term view: The outlook is bullish. The level of 83,000 will now act as a good resistance-turned-support and limit the downside. Sensex has the potential to target 86,000-86,200 in the short term.
The region between 83,000 and 82,700 will be an important support zone. Sensex has to decline below 82,700 to turn the short-term outlook negative. If that happens, we may see a fall to 82,000-81,500.
But such a fall looks less likely as fresh buyers are likely to emerge around 83,000 and limit the downside.
Chart Source: TradingView
Medium-term view: The rise to 86,000 is happening as expected. If 86,000 holds on its first test, then a corrective fall to 84,000 is a possibility. But a decisive break above 86,000 can take the Sensex up to 88,000-89,000 straight away. Thereafter a corrective fall to 86,000 can be seen.
From a long-term perspective, we reiterate that Sensex has potential to target 90,000-92,000 on the upside.
The region between 80,000 and 79,000 will continue to act as a strong support. Sensex has to decline below 79,000 to turn the outlook negative.
The Dow Jones Industrial Average and S&P 500 surged over 3 per cent each last week. The NASDAQ Composite index was up over 4 per cent. The S&P 500 index indeed touched a record high of 6,187.68.
The surge last week indicates that the US benchmark indices are gaining momentum. Broadly, the outlook is bullish, and the indices can rise further going forward.
Chart Source: TradingView
Barring the short-lived dip to 41,981, the Dow Jones sustained well above 42,000. The strong break and close above 43,000 strengthen the bullish case.
The outlook is bullish, and the momentum is strong. Supports are at 43,300 and then in the 43,000-42,900 region. The Dow can rise to 45,000 in the coming weeks.
A strong break below 42,000 is needed to negate the bullish view and turn the outlook bearish.
Chart Source: TradingView
The S&P 500 index has risen well breaking above the key resistance level of 6,050. That keeps intact our bullish view of seeing a rise to 6,200-6,250 on the upside. A decisive break above 6,250 will see the rise extending up to 6,350, a key resistance which can cap the upside.
S&P 500 index can see a corrective fall from around 6,350 towards 6,250-6,200.
Immediate support is around 6,100. In case the index turns down from around 6,250, a corrective dip to 6,100 can be seen first. Thereafter the rise to 6,350 can happen.
Chart Source: TradingView
The rise to 20,000 has happened. Indeed, the NASDAQ Composite index has risen well beyond it. The level of 20,000 can act as a good support now and limit the downside. A rise to 20,800 looks likely now in the short term.
From a big picture, NASDAQ Composite has the potential to target 22,500-22,700 in the coming months.
Published on June 28, 2025
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