Nifty 50, Sensex and Nifty Bank index fell sharply last week breaking below their key support. Nifty and Sensex were down over 2 per cent each. Nifty Bank index on the other hand fell 1.33 per cent for the week.On the charts, the picture is looking weak. Resistances are there to cap the upside. So, any rise from current levels can be capped. We expect the Nifty, Sensex and the Nifty Bank index to fall either from here itself or after a short-lived corrective rise.FPIs SellThe Foreign Portfolio Investors sold Indian equities for the second consecutive week. The equity segment saw a net outflow of about $602 million last week. With this, the FPIs have pulled out about $1.38 billion so far this month.Nifty 50 (23,398.10)Short-term view: Immediate support is in the 23,250-23,200 region. A rise from here and a break above 23,450 can trigger a relief rise to 23,700. However, a break above 23,700 is less likely. We can expect the Nifty to turn down again from around 23,700 and fall back to 23,200.Eventually, we can expect the Nifty to break 23,200 and fall to 22,600-22,500. This fall can happen either from here itself or after a corrective rise to 23,700.Medium-term view: Nifty is now coming down towards the lower end of its 22,000-26,500 range. We expect this broad sideways range to remain intact. So, Nifty is likely to rise back from the 22,500-22,000 support zone. That leg of rise can take it back up to 24,000 and higher.We continue to retain our long-term bullish stance. So, Nifty is likely to make a bullish breakout above 26,500 and rise to 28,000 and 30,000 in the long term.A break below 22,000 is needed to prove our bullish view wrong. That would need some new and strong negative trigger.Video Credit: BusinesslineNifty Bank (56,606.55)Short-term view: Resistance is near current levels at 56,700. A break above it can give some relief and take the Nifty Bank index higher to 57,200-57,300.But failure to breach 56,700 can keep the index under pressure. In that case, there is a danger of seeing more fall towards 55,000 and even 54,000. We will have to wait and watch.Medium-term view: The level of 54,000 is a crucial support. A strong bounce from there can take the Nifty Bank index higher to 57,000 and 60,000 again. It will also keep the overall bullish view intact to see a break above 60,000 and rise to 65,000 in the medium term. That in turn will also keep the upside open to see 68,000-69,000 in the long term.In case, the index breaks below 54,000, an extended fall to 51,000-50,000 is possible. Nifty Bank index has to decline below 50,000 to negate our long-term bullish view.Sensex (74,781.76)Short-term view: The strong fall below 76,000 has turned the short-term picture negative. Immediate resistance is at 74,900. Above that 75,400 is the next important resistance.There is room on the downside to see 73,500-73,400. A break below 74,180, an intermediate support, can trigger this fall. A bounce thereafter can take the Sensex higher to 75,000 again.Medium-term view: Sensex is now coming down within the broad 71,000-86,000 range. Intermediate support is at 73,400. A break below it can drag the index down towards 71,000.We expect the index to bounce back from around 71,000 and retain the sideways range.We also retain our long-term bullish view of seeing a break above 86,000 and a rise to 90,000 and 94,000 in the long term.The bullish view will go wrong only if the Sensex breaks below 71,000.Nifty Midcap 150 (22,847.85)The bounce from the low of 22,569.05 on Wednesday has given some relief. However, the short-term picture looks weak. Resistance can be in the 22,900-23,000 region. A sustained rise above 23,000 can give some relief and take the index higher to 23,200 this week,But failure to breach 23,000 can keep the downside open to see 22,200-22,000 in the short term.There is no change in our broader bullish view. A fall beyond 22,000 is less likely. We continue to retain our bullish view of seeing 26,000-26,500 in the medium-term and 28,000 in the long term. A break above 24,000 can clear the way for this rally.Nifty Smallcap 250 (18,339.90)The index seems to be struggling to get a strong follow-through rise above 18,500. But at the same time, it is also getting very good support around 18,150.For now, the broader bullish view is intact. A decisive break above 18,500 can take the index up to 19,000-19,200 initially. The upside remains open to see 22,500-23,000 in the medium term and 24,000-24,500 in the long term.In case, the index breaks 18,150 and falls below 18,000, then 17,600-17,400 can be seen on the downside. Such a fall will only delay the expected rally to 23,000 and 24,000 and will not negate that.Published on September 13, 2026