Nifty 50, Sensex and Nifty Bank index fell in the first half last week. Nifty and Sensex remained stable in the second half and closed about 0.7 per cent down each. Nifty Bank index, on the other hand, bounced back well, recovering all the loss. It closed the week higher by 0.47 per cent.There is a divergence visible on the chart. Nifty has more room to fall. Sensex is very close to a key support. Nifty Bank index is already holding well above its support and has a good chance to rise from current levels itself. Broadly based on the recent price action, it looks like the Nifty Bank index can outperform in the coming weeks.FPIs sellThe foreign portfolio investors’ (FPIs’) selling spree continues. The equity segment saw a net outflow of about $4.5 billion last week. We reiterate that the FPIs have to come back strongly into the domestic market in order to boost the Nifty and Sensex.Video Credit: BusinesslineNifty 50 (23,366.70)Short-term view: Nifty is struggling to rise past 23,500 decisively. That keeps the bias weak. Nifty can fall to 23,000-22,900. If the index manages to bounce from this region, it can rise to 23,400-23,500 again.But a failure to bounce back and a break below 22,900 can trigger an extended fall to 22,400. However, a fall beyond 22,400 is less likely now in the absence of any new negative trigger.Key resistance is at 23,850. Nifty has to surpass this hurdle in order to ease the downside pressure. Only then a rise to 24,300-24,700 will come into the picture.Medium-term view: As mentioned last week, Nifty is now coming down within its broad 22,000-26,500 range. We expect this range to remain intact. As such, the downside can be limited to 22,000 if the index declines below 22,400.We retain our bullish bias of getting a breakout above 26,500 in the coming months. That can take the Nifty higher to 28,000 and 30,000 in the long term.The bullish view will go wrong only if the Nifty declines below 22,000.Nifty Bank (54,496.25)Short-term view: The recent price action indicates that the Nifty Bank index is getting good buyers in the 53,000-52,800 region.Supports are at 53,750 and 52,500. As long as the index stays above 52,500, the bias will remain positive. Nifty Bank index can rise to 56,500-56,700 first and then to 58,500-59,000 eventually in the short term.The index will come under pressure for a fall to 50,500 only if it breaks below 52,500. But that looks less likely.Medium-term view: The broader picture remains positive. Nifty Bank index can rise to 64,000-65,000 on a break above 60,500 – the intermediate resistance. From a long-term perspective, the index has potential to target 68,000-69,000.The bullish view will remain intact as long as the index stays above 50,000. The index has to decline below this support to indicate a trend reversal.Sensex (74,243.34)Short-term view: The near-term picture is still weak. However, there is limited room to fall from here compared to the Nifty. Support is in the 73,000-72,700 region which can limit the downside.Sensex can bounce from this support zone and rise back to 74,500 initially. An eventual break above 74,500 will then clear the way for a further rise to 76,000-76,500.Medium-term view: Crucial support is around 71,500-71,000. We expect the Sensex to sustain above this support and keep the 71,000-86,000 range intact.Sensex can make a bullish breakout of this range eventually. Such a break will clear the way for a rally to 90,000 initially and 94,000 eventually over the long term.Sensex has to decline below 71,000 to turn the outlook bearish and fall to 69,000.Nifty Midcap 150 (22,251.80)The index is stuck inside the 21,700-23,000 range over the last seven weeks. A breakout on either side of this range will determine the next move. A break below 21,700 can drag the index down to 21,500-21,400 or even 21,000. A fall beyond 21,000 is less likely.On the other hand, a break above 23,000 can take the index higher to 23,100, a crucial resistance. The broader picture remains positive. As such, we retain our view of seeing a bullish breakout above 23,100 eventually. Such a break will take the Nifty Midcap 150 higher to 26,000-26,500 and 28,000-28,500 in the long term.This bullish view will go wrong only if the index declines below 20,800.Nifty Smallcap 250 (17,054.50)The support at 16,600 mentioned last week has held very well as expected. The index has risen back recovering all the loss from the low of 16,683.35. That keeps the overall bullish bias intact.Short-term support is in the 16,400-16,200 region. The index can rise to 17,500 and even 18,000-18,300 in the coming weeks.We reiterate that 18,300 is a crucial resistance. The bias is positive to breach this hurdle eventually. That in turn will clear the way for the Nifty Smallcap250 index to rally to 22,500-23,000 and even 24,000 in the long term.From a big picture perspective, the index has to decline below 14,000 to turn bearish, which looks unlikely.Published on June 6, 2026