Nifty 50, Sensex and the Nifty Bank index began the week on a positive note but failed to sustain. The benchmark indices have come down in the second half of the week. Nifty and Sensex gave away all the gains and closed in red for the week. The indices were down about 0.3 per cent each. The Nifty Bank index on the other hand managed to close marginally higher by 0.13 per cent.
The small-cap and mid-cap indices outperformed the benchmark indices. The Nifty Smallcap 250 and Nifty Midcap 150 indices rose 0.55 and 0.71 per cent respectively.
Among the sectors, the BSE Oil & Gas index rose the most last week. The index was up 3.86 per cent. The BSE Metals and BSE PSU indices were up over 2 per cent each. The BSE Auto index, down 0.89 per cent, fell the most last week.
FPIs buy
Foreign Portfolio Investors (FPIs) bought Indian equities for the fourth consecutive week. The equity segment saw a net inflow of about $826 million.
After selling for three consecutive months, the FPIs have turned net buyers on a monthly basis as well. For the month of October, they have pumped in about $1.66 billion.
If they continue to buy, that can aid the Sensex and Nifty to reach new highs.
Video Credit: BusinesslineNifty 50 (25,722.10)
Short-term view: Nifty is facing resistance around 26,100. The price action on the weekly chart indicates that the index lacks strong follow-through buying to sustain above 26,000. That leaves the near-term picture weak.
A corrective fall to 25,600 or 25,400-25,350 is a possibility in a week or two. Thereafter, there is a good chance the Nifty may rise back towards 26,200-26,300 in the short term.
The short-term outlook will turn negative if the index declines below 25,350. In that case, an extended fall to 25,250 or even 25,000 is a possibility.
But the 25,400-25,350 is a strong support zone. As such a fall below 25,350 is less likely.
Medium-term view: The broader picture is bullish. The first support is around 25,000. Below that, the region between 24,000 and 23,500 is the next strong support zone.
A break above 26,300 will first take the Nifty up to 27,500-28,000 over the medium term. An eventual break above 28,000 will then clear the way for a fresh rally to 31,000-32,000 over the long term.
Nifty Bank (57,776.35)
Short-term view: Nifty Bank index failed to breach 58,500 for the second consecutive week. The index touched a high of 58,469.90 and has come down from there.
Supports are at 57,300 and 57,000. We expect the index to test these supports this week. However, a fall below 57,000 is less likely. A bounce from the 57,300-57,000 region can take the Nifty Bank index up to 59,000-59,200 in the short term.
In case the index breaks below 57,000, then an extended fall to 56,000 can be seen. Thereafter the above-mentioned rise back to 59,000-59,200 can happen.
Medium-term view: The broader trend is up and intact. Strong support is in the broad 55,000-54,000 region. Nifty Bank index has potential to target 61,500-62,000 over the medium term. A decisive break above 59,200 will clear the way for this rise. A corrective fall 60,000-59,000 is a possibility thereafter.
From a long-term perspective, Nifty Bank index can target 65,000 on the upside on a break above 62,000. As mentioned last week, we will look for a rise to 62,000 first.
The bullish view will go wrong only if the index declines below 54,000. But that looks less likely.
Sensex (83,938.71)
Short-term view: Sensex has come down from the high of 85,105.83. The near-term outlook is negative. Sensex can fall to 83,300 or 83,000. A fall beyond 83,000 is unlikely.
A bounce from the 83,300-83,000 region can take the Sensex up to 85,000-85,200 again. An eventual break above 85,200 will see a rise too 86,500 in the short term.
Sensex has to decline below 83,000 to turn the short-term outlook bearish. In such a case, a fall to 82,000 or even 81,000 can be seen.
Medium-term view: The overall view remains bullish. The region between 80,000 and 79,000 is a strong support. Sensex can rise to 88,000-89,000 in the medium term. From a long-term perspective, there is a good chance to see 91,000-92,000 on the upside. If the momentum is strong, then there is the potential to see an extended rise to 94,000-95,000 as well.
This bullish view will go wrong only if the Sensex declines below 79,000. But that would need some strong negative trigger and which looks unlikely at the moment.
Nifty Midcap 150 (22,045.95)
The Nifty Midcap 150 broke the 20,600-22,100 range on the upside but did not sustain. The index made a high of 22,238.15 and has come off slightly from there.
A sustained rise above 22,100 is needed to see a rise to 22,500-22,600 in the short term. Such a break and rise will confirm the bullish inverted head and shoulder pattern. That in turn can strengthen the bullish momentum. It will then trigger a rise to 23,000-23,500 over the medium term. This leg of upmove will also have the potential to target 25,000-25,500 in the long term.
On the other hand, if the index fails to rise back above 22,100, a fall to 21,700 is possible. A break below 21,700 will keep the 20,600-22,100 sideways range. In that case, the Nifty Midcap 150 index can fall to 20,800-20,600 again.
Nifty Smallcap 250 (17,313.90)
The Nifty Smallcap 250 has come down sharply from the high of 17,483.15. Support is in the 17,200-17,100 region which can limit the downside if the index extends the fall. A bounce from this 17,200-17,100 support zone can take the index up to 17,600.
A decisive break above 17,600 will see the index rising to 18,100, a crucial resistance. From a big picture, the Nifty Smallcap 250 index has to breach 18,100 to gain bullish momentum. Such a break will only confirm the bullish inverted head and shoulder pattern. That in turn will take the index up to 20,000 in the medium term. It will also keep the doors open to target 21,500-22,000 in the long term.
Published on November 1, 2025
