Bull-run resumes: Nifty to hit 21,000; Sensex may test 73K in August

The range breakout in both the indices have triggered fresh upside

Indian stock market has remained resilient to any setback and continues to scale new historic peak. On Tuesday, the BSE Sensex and Nifty 50 established a new milestone, eyeing to hit 70,000 and 20,000 levels, respectively.

So far this year, the BSE Sensex has soared 9.60 per cent, while Nifty 50 has gained 9.40 per cent. The overall sentiment has been aggressive, with the majority stocks in both the indices claiming newer trajectories.

Here’s the technical outlook of key Indian indices: -

S&P BSE SENSEX

Likely target: 73,000

Upside potential: 5.50%%

The BSE Sensex has confidently surpassed the trading of 66,100 to 65,100, which it has been trading since last couple of sessions with extreme volatility. Now, the index is poised to reach 68,000-level in the July month and may even rise to 73,000 in August series.

The support for the index stays in the range of 65,000 to 65,600 levels, as per the daily chart. The momentum appears to absorb all the selling pressure emerging at higher levels. The underlying strength looks to possess a resilient bias.  CLICK HERE FOR THE CHART

  

NIFTY50

Likely target: 21,000

Upside potential: 6%

The index has broken out of the minor consolidation in the range of 19,600 to 19,300- levels. This upside breakout has triggered further up move toward 20,000. The underlying sentiment continues to remain highly robust, with intention of adding long positions on any healthy corrective move. The trend suggests overall move towards 21,000-level.

Until the support of 19,250 is defended, the trend is likely to see higher trajectory. The index is witnessing bullish bias in the overbought category of Relative Strength Index (RSI), defending its ground over any sell-off. CLICK HERE FOR THE CHART