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Index Outlook: Sensex, Nifty 50 dip before a fresh rise
- The Sensex and Nifty 50 are expected to face an intermediate dip before marching towards new highs, supported by positive charts.
- Last week, the BSE Bankex rose by 2.35%, while the BSE Auto index fell by the same percentage.
- Foreign Portfolio Investors (FPIs) have started buying Indian equities, with a significant inflow of $3.23 billion last week, reducing the net outflow for March to $401 million.
- Nifty's short-term view suggests support at 23,400 with resistance at 23,800; a break below may lead to levels around 22,900, and a rise above resistance could push it to 24,100.
- Medium-term outlook for Nifty signals a positive trend, with potential to breach 23,800 and target 25,000-26,000, with further upside potential towards 28,000-28,500 by year-end.
- Nifty Bank index outlook indicates a positive short-term view with support around 51,000-50,900 and a potential rise to 52,800-53,000; medium-term looks bullish aiming for 53,500-54,000.
- Sensex outlook maintains a positive bias, with short-term support at 76,800 and resistance at 78,400; a break above this level could lead to a rise towards 79,200 and eventually target 80,000.
- Medium-term outlook for Sensex is bullish, anticipating a climb towards 80,000 and potential long-term target of 90,000, with support at 73,000-72,500.
- Dow Jones Industrial Average faced a sharp fall after hitting a high of 42,821.83, closing at 41,583.91 last week, suggesting continued pressure on the index below 42,000-42,200, with a potential decline to 40,500-39,500 in the coming weeks.
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