Nifty 50 and Sensex have risen breaking above their intermediate resistance in line with our expectation. That keeps our overall bullish view intact. Both the indices were up about 0.9 per cent each last week. An inverted head and shoulder pattern is being formed on the daily chart. That strengthens the bullish case for both the Sensex and Nifty to go much higher in the coming weeks.Nifty Bank index on the other hand has been stuck inside a narrow range for the third consecutive week. The index fell within the range and was down 0.4 per cent for the week. The bias is positive. So, we can expect the Nifty Bank index to make a bullish breakout of this range going forward.Among the sectors, the BSE Realty index surged the most last week. The index rose 7.8 per cent.FPIs BuyThe Foreign Portfolio Investors (FPIs) were net buyers of Indian equities for the third consecutive week. They bought about $463 million last week. If the FPIs accelerate their purchase in the coming weeks, then that can aid the Sensex and Nifty to go higher. We will have to wait and watch.Video Credit: BusinesslineNifty 50 (24,270.85)Short-term view: As expected, Nifty has risen breaking above the resistance at 24,200. The rise last week also confirms a bullish inverted head and shoulder pattern on the daily chart. Supports are at 24,200, 24,000 and 23,900.Nifty can rise to 24,750-24,800 from here. The target for the inverted head and shoulder pattern is coming around 25,300.Nifty has to decline below 23,900 to turn the near-term picture negative. If that happens, a fall to 23,600 can be seen. But that looks less likely.Medium-term view: Nifty is moving up well within its broad 22,000-26,500 range. We can expect it to test the upper end of this range in a couple of months.The bias remains positive. As such Nifty can make a bullish breakout above 26,500 and rally to 28,000 and even 30,000 in the long term.Nifty has to decline below 22,000 to prove this bullish view wrong and turn the outlook bearish.Nifty Bank (57,938.50)Short-term view: Nifty Bank index is stuck in a narrow range for the third consecutive week. The immediate picture is unclear. The index can oscillate between 56,800 and 58,800 for some more time.But eventually we expect the index to make a bullish breakout above 58,800. Such a break can take the Nifty Bank index higher to 60,500 and 61,500 in the short term.In case the index breaks the range below 56,800, the near-term picture will turn negative, In such a scenario, there are good chances to see a fall to 56,000 or even lower. But our preference is to see a bullish breakout above 58,800.Medium-term outlook: There is no change in the broader bullish outlook. Key resistance is in the 61,000-61,500 region. A break above 61,500 will be bullish to see a rise to 65,000 in the medium term. It will also boost the momentum for a fresh rally to 68,000-69,000 in the long term.As mentioned last week, 53,500 and 50,000 are important support. Nifty Bank index has to fall below 50,000 to negate the above-mentioned bullish view.Sensex (77,763.91)The resistance at 77,400 has been broken as expected. That keeps intact our bullish view of seeing 78,800-79,000 on the upside. Like Nifty, there is an inverted head and shoulder pattern visible in Sensex as well. A strong rise above 79,000 will confirm this pattern. It will then strengthen the bullish case for the Sensex to target 81,000-81,500 eventually in the coming weeks.Supports are at 77,400, 76,700 and then in the 76,300-76,000. Sensex has to decline below 76,000 to turn the short-term outlook bearish. Only then a fall to 74,000-73,000 will come back into the picture.Medium-term view: The broader 71,000-86,000 range is intact. Within this, Sensex is expected to move up towards 86,000, the upper end of the range. A decisive break above 81,500 can clear the way for this rise in the medium term.The long-term outlook is also bullish. So, eventually we can expect the Sensex to breach 86,000. Such a break can take the index higher to 90,000 and even 94,000 over the long term.Nifty Midcap 150 (22,884.35)The index has risen back well from the low of 22,539. Supports are at 22,750 and 22,600. Resistance is in the 23,200-23,300 region which can be tested in the short term.We retain our bullish bias of getting a breakout above 23,300 eventually. That in turn can boost the bullish momentum. A fresh rally to 26,000-26,500 can be seen thereafter in the medium term.It will also increase the chances of seeing 28,000-28,500 on the upside in the long term.Nifty Midcap 150 index has to decline below 22,600 to turn the short-term picture negative. If that happens, a fall to 22,000 will come into picture.From a long-term perspective, 21,000-20,800 is a crucial support. The index has to decline below 20,800 to turn the outlook bearish.Nifty Smallcap 250 (17,996.25)The support at 17,550 mentioned last week has held very well as expected. The Nifty Smallcap 250 index touched a low of 17,544 and has reversed higher from there. The index can rise to test the crucial resistance level of 18,300.We expect the index to breach 18,300 decisively. Such a break can strengthen the bullish momentum and take the Nifty Smallcap 250 index higher to 22,500-23,000 in the medium term. It will also keep the upside open to target 24,000-25,000 in the long term.Failure to breach 18,300 can keep the index in a narrow range of 17,500 and 18,300 for some time. The short-term outlook will turn negative only if the index declines below 17,500. In that case, a fall to 17,000 or even 16,500-16,300 can be seen.Published on July 4, 2026