Sensex likely to hit 63,500; Nifty marching towards 19,000, charts suggest

The overall market trend looks bullish; weakness, if any, may see investors buy at lower levels. Here's what technical charts indicate

The markets extended its longest rally of the calendar year into the eighth trading session, this morning, with key benchmark indices scaling fresh record highs. The BSE Sensex breached the 62,000-level for the first-time ever, and the Nifty edged past the 18,600-level, before a sudden bout of profit-taking forced the key benchmark indices into red for brief moment.

The BSE Sensex has rallied over 30 per cent at today's high of 62,202 so far this calendar year. Here's what the charts indicate for the BSE benchmark, NSE Nifty and select key indices going ahead.

S&P BSE SENSEX
Likely target: 63,000 and 63,500

Upside potential:   1.20% to 2%

The S&P BSE SENSEX crossed the 62,000 mark in opening trades and experienced mild profit booking / selling pressure. This weakness does not appear unprecedented as every significant high at some point may see such trading behaviour. That’s said, the overall sentiment continues to stay bullish as Relative Strength Index (RSI) does not show any major negative reversal and the trend infact signals higher levels of 63,000 and 63,500. The immediate closing basis support for the BSE benchmark is at Rs 61,000-level. CLICK HERE FOR THE CHART
 
NIFTY50
Likely target: 18,850 and 19,000
Upside potential: 1.30% to 2.10%

This index has a crucial support of 18,250 and 18,000 and as long as these levels are upheld, the positive sentiment may see addition in long on healthy corrective levels. The overall trend indicates that the Nifty is heading towards 18,850 and 19,000 levels. In addition, the Moving Average Convergence Divergence (MACD) has made a positive crossover above the zero line indicating further bullishness in the upward direction. CLICK HERE FOR THE CHART

NIFTYBANK
Likely target: 41,000 and 41,700
Upside potential:   2.50% to 4.25%

This banking index touched 40,000 mark on Tuesday, a decisive level that appears to be a sentimental trigger for the next upside. The bigger trend is heading towards 41,000 and 41,700 levels. The support for the Bank Nifty is at 39,000 and 38,500 levels. The breakout above 38,000 shows aggressive interest of market participants which is expected to see more addition in longs ahead, according to the weekly chart. CLICK HERE FOR THE CHART

Nifty Midcap 100
Likely target: 34,000 and 35,000
Upside potential:  3% to 6%

This index jumped to 33,000 from 31,000 in just 10 sessions and continues to dominate the overall bullish sentiment. The trend shows higher levels of 34,000 and 35,000 levels from a medium-term perspective. The index continues to trade in bullish phase in the overbought category without any major downside signals. As long as the index does shows a gap-down close, the trend is expected to see uncharted territory. The support stays at 32,000-level. CLICK HERE FOR THE CHART

Nifty Smallcap 100
Likely target: 12,500
Upside potential:   6%

The continuous gap-up closes show strong bullish momentum, as per the weekly chart. This up move has seen longs additions in the overbought category of RSI signaling selling pressure being conquered by the index. The overall medium-term trend has a support of 11,400 and 10,800 levels and until these support are defended, the upside bias may see 12,500-level. CLICK HERE FOR THE CHART