Nifty 50, Sensex and Nifty Bank index witnessed a strong recovery last week. The Sensex and Nifty were up about 2.6 per cent each. Nifty Bank index closed 1 per cent higher for the week.The support mentioned on both the Sensex and Nifty has held very well. The rise last week has given some relief. It has also avoided the danger of the deeper fall that we had cautioned last week.Immediate resistance is coming up for all the three indices. We expect the indices to breach this hurdle and go higher going forward.FPIs buyThe Foreign Portfolio Investors (FPIs) bought the Indian equities for the second consecutive week. The equity segment saw a new inflow of about $552 million last week. With this, the month of July has ended with a net inflow of about $2.12 billion.Video Credit: businesslineNifty 50 (24,383.60)Short-term view: Immediate resistance is at 24,500 which can be tested in the first half of the week. A break above 24,500 can take the Nifty higher to 24,750-24,800 this week. A decisive break above 24,800 can boost the bullish momentum. Such a break can trigger a strong rise to 25,000 and higher going forward.If the Nifty fails to breach 24,500, it can come down again. In that case, a pull-back move to 24,100 or 23,900 is possible.Medium-term view: The rise above 24,000 has reduced the chance of the fall to 23,000 cautioned last week. That keeps alive the chances of the Nifty rising within the broad 22,000-26,500 region. The break above 24,800 mentioned above will clear the way for the Nifty to go up to 26,500, the upper end of the range, in the medium term.We retain our bullish bias. Nifty can breach 26,500 and rise to 28,000 initially and then to 30,000 eventually in the long term.A fall below 22,000 is needed to negate this bullish outlook.Nifty Bank (57,264.85)Short-term view: The index oscillated between 56,650 and 57,420 all through last week. Immediate resistance is at 57,500. We expect the Nifty Bank index to break above it and rise to 58,500-59,000 this week. A further break above 59,000 will then clear the way for a rise to 60,500-61,000.Failure to breach 57,500 can drag the index down to 56,600 or 56,400. The index has to decline below 56,000 to turn the short-term picture negative.Medium-term view: There is no change in the broader bullish view. The break above 59,000 and the rise to 61,000 mentioned above will be an initial sign of a fresh rally. That will clear the way for the rise to 65,000 in the medium term. From a long-term perspective, the Nifty Bank index has potential to target 68,000-69,000 on the upside.Crucial supports are at 55,000 and then at 51,000-50,000. Nifty Bank index has to fall below 50,000 to negate the long-term bullish outlook.Sensex (78,094.64)Short-term view: The strong rise breaking above 76,200 has negated the fall to 74,500 mentioned last week. Immediate resistance is at 78,700. A break above it can take the Sensex higher to 79,800-80,000. It will also keep the upside open to see 81,000-82,000 eventually in the short term.Key supports are at 77,000, 76,800 and 76,000. Sensex has to decline below 76,000 to turn the short-term picture negative.Medium-term view: The bounce last week keeps alive the chances of going up within the 71,000-86,000 range. A decisive break above 81,000 will clear the way for a fresh rise to 86,000, the upper end of the range in the medium term.We retain our positive bias. Sensex can make a bullish breakout above 86,000 eventually in the coming months and rally to 90,000 and 94,000 in the long term.A fall below 71,000 is needed to negate this bullish view.Nifty Midcap 150 (23,138.45)The rise back above 22,800 last week has given some relief. This has also avoided the fall to 22,000 mentioned last week.Key resistances are at 23,300 and 23,500. We retain our bullish bias to see a breakout above 23,500 if not immediately, but eventually. Such a break can trigger a fresh rally to 26,000-26,500 initially and to 28,000-28,500 eventually in the long term.Near-term support is at 22,980. Failure to breach 23,300 and a fall below 22,980 can drag the index down to 22,700 or 22,400 in the short term. In that case, 22,400-23,500 can be the trading range for some time.The short-term outlook will turn negative only if the index declines below 22,400. If that happens, a fall to 22,000 or even 21,500 can be seen.However, that will not change our broader bullish outlook. To negate the long-term bullish view, the Nifty Midcap 150 index has to decline below 20,800.Nifty Smallcap 250 (17,919.90)The rise back move to 18,000 has almost happened. The Nifty Smallcap 250 index touched a high 17,990 last week. A break above 18,000 can take it higher towards 18,300, the crucial resistance level.The bias is positive. We expect the index to make a bullish breakout above 18,300. Such a break can trigger a fresh rally in the Nifty Smallcap 250 index to 22,500-23,000 in the medium term. It will also keep the upside open to see 24,000-25,000 in the long term.If the index fails to breach 18,300 and turns down, then a fall to 17,500-17,400 is possible. In that case, a range of 17,400-18,300 can be seen for some time.A sustained fall below 17,400 is needed to turn the short-term picture negative. Only then a fall to 16,700 or even 16,000 will come into the picture.Published on August 1, 2026