Nifty 50, Sensex and Nifty Bank index opened the week with a wide gap-up last week. But thereafter, they stayed in a narrow range all through the week. The benchmark indices were up in the range of 0.5-0.85 per cent. On the charts, the bias is positive. Supports are there to limit the downside. We expect the indices to sustain above their support and go higher in the coming weeks.FPIs buyThe Foreign Portfolio Investors (FPIs) bought the Indian equities for the third consecutive week. Indeed, the quantum of their purchase was also much higher compared to the previous two weeks. The equity segment saw a net inflow of about $1.35 billion. Following the inflow of $2.12 billion in July, the month of August has begun on a positive note. We will have to wait and see if the FPIs accelerate their purchase. That in turn can aid the benchmark indices to go higher.Video Credit: BusinesslineNifty (24,570.65)Short-term view: The outlook is positive. Supports are at 24,500 and 24,400. Nifty can rise to 24,750 or 24,850 from there. Failure to breach 24,850 can drag it down to 24,600-24,500 again. But a decisive break above 24,850 can boost the momentum. It will then clear the way for a rise to 25,200-25,400.The near-term picture will turn negative only if the Nifty declines below 24,400. If that happens, a fall to 24,200 or 24,000 can be seen.The level of 23,850 is a crucial support. The short-term outlook will turn bearish only on a break below this support. But that looks less likely.Medium-term outlook: Nifty is inching up within its broad 22,000-26,500 range. As mentioned last week, a decisive break above 24,850 will strengthen the case for seeing 26,500, the upper end of the range.We expect the Nifty to make a bullish breakout above 26,500 eventually. Such a break can trigger a fresh rally to 28,000 and even 30,000 in the long term.Nifty has to decline below 22,000 to turn the big picture negative.Nifty Bank (57,746.45)Short-term view: The price action last week indicates that the index is getting good support in the 57,500-57,350 region. The near-term picture is positive to see a rise to 58,500, an immediate resistance. A break above this hurdle can take it further higher to 59,000 and even 60,000 in the short term.The near-term picture will turn negative if the index declines below 57,350. If that happens, a fall to 56,600 is possible.Medium-term view: The broader picture remains bullish. The rise above 59,000 mentioned above can strengthen the momentum. It will then clear the way for the Nifty Bank index to see 65,000 on the upside in the medium term. The index has potential to target 68,000-69,000 in the long term.Series of supports are there at 55,000, 53,000 and 50,000. Nifty Bank index has to fall below 50,000 to negate our long-term bullish view. But that looks unlikely.Sensex (78,499.17)Short-term view: The index oscillated around 78,500 all through the week. Support is at 77,500 and resistance is at 79,500. We expect the index to sustain above 77,500 and go up to 79,500 or 80,000 in the near term. An eventual break above 80,000 can then take the Sensex higher to 81,000-82,000 in the short term.A break below 77,500 will turn the near-term outlook negative. It will then drag the index down to 77,000 or even 76,000.Medium-term view: The broader 71,000-86,000 range is intact. Within that we expect the Sensex to move higher towards 86,000, the upper end of the range in the medium term. A break above 81,000 can trigger this rise.From a long-term perspective, Sensex is expected to breach 86,000 eventually. Such a break can take it higher to 90,000 and even 94,000.Sensex has to decline below 71,000 to negate this long-term bullish view.Nifty Midcap 150 (23,362.90)The crucial 23,300-23,500 resistance zone is holding well for now. Immediate support is around 23,200. If the index manages to sustain above this support, then the chances are high to see a breakout above 23,500 from here. Such a break will trigger the much-awaited rally to 26,000-26,500 in the medium term. It will also keep the upside open to see 28,000-28,500 over the long term.If the index declines below 23,200 from here, then 23,050-23,000 can be seen on the downside initially. Failure to bounce back from around 23,000 can then drag the Nifty Midcap 150 index down to 22,800 and even lower.Such a fall will not negate our broader bullish view. It will only delay the rally to 26,500 and 28,500.Nifty Smallcap 250 (18,356.55)The index has risen and closed just above the crucial resistance level of 18,300. It is now very important for it get a strong follow-through rise from here. If that happens, then a fresh rally to 22,500-23,000 can be seen from here. That in turn will clear the way for the Nifty Smallcap 250 index to touch 24,000-25,000 in the long term.Failure to get a strong follow-through rise and a fall below 18,000 can turn the short-term picture negative. It can then trigger a fall to 17,500-17,400 can be seen. In that case, the expected rally will get delayed.Published on August 8, 2026