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Index Outlook: Nifty 50, Sensex, Nifty Bank, ready to rise back. Dow, Nasdaq Composite, S&P 500, have supports to limit downside
- Nifty 50 and Sensex saw an intraday fall of over 2%, but recovered most of the loss by Friday, indicating a potential rise ahead.
- A bullish pattern on Nifty Bank chart may lead to new highs in the coming weeks, maintaining the overall bullish outlook.
- BSE Realty index outperformed, while BSE Auto index faced a significant decline last week.
- Foreign Portfolio Investors sold around $560 million in the equity segment, affecting the inflows into the market.
- Nifty closed at 24,853.15, with immediate resistance at 24,950-25,000, aiming for 25,500-25,800 on a strong break above 25,000.
- Nifty's medium-term view remains bullish, targeting 28,000-28,500 in the coming months, with supports at 24,000-23,700.
- Nifty Bank index closed at 55,398.25 with a short-term bullish outlook, aiming for 57,500-58,000 in the near future.
- Dow, NASDAQ, and S&P 500 indices fell last week but have supports to limit downside; a potential reversal back up is expected.
- Dow can see a rise towards 42,000-43,000, while S&P 500 may target 5,900 and NASDAQ Composite index may test 19,200-19,250 after a dip to 18,400.
- Medium-term bullish views on Sensex targeting 85,000-86,000, and Nifty Bank index aiming for 61,000 in the coming months remain intact.
- Supports for Sensex are at 79,000 and 77,000, with a potential target of 90,000-92,000 over the long term.
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