Markets have more steam left; Sensex eyes this target in next few days

Weekly Market Outlook for May 19 - 23, 2025: The BSE Sensex is likely to trade with a positive bias this week as long as it holds above 81,550. Check key support, resistance and target levels here.

The BSE Sensex has rallied nearly 2,900 points last week amid easing India-Pakistan border tensions, and hopes of US-India striking a trade deal soon. The Sensex scaled a high of 82,718, and ended the week at 82,331. In the process, the Sensex has gained over 4,900 points since the start of the financial year 2025-2026.  Meanwhile, the NSE Nifty 50 index reclaimed the 25,000-mark, after a gap of around seven. The NSE benchmark had last closed above the 25,000-mark on a weekly basis on October 4, 2024. Last week, the Nifty surged 4.2 per cent or 1,012 points to 25,020 levels.  Here's a weekly outlook on the BSE Sensex and the NSE Nifty 50 for the week May 19 - May 23:  BSE Sensex  Current Level: 82,330  Support: 82,000; 81,840; 81,550; 81,300; 81,050  Resistance: 82,820; 83,365; 83,600; 84,240  By rallying beyond the 82,000-mark, the BSE Sensex has given a fresh buy signal on the quarterly and yearly Fibonacci chart. The current setting implies that the bias till the end of June is expected to remain positive as long as the Sensex holds above 79,170 levels.  In the very near-term, the key bullish pivot for the week stands at 81,550 levels. The bias for this week is likely to remain favourable as long as the index holds above this key level; below which support can be expected around 81,300 and 81,050 levels. Near support for the Sensex exists at 82,000 and 81,840 levels.  On the upside, the Sensex now seems on course to test 84,250 levels. This week, the BSE benchmark index may face resistance around 82,820, 83,120, 83,365 and 83,600 levels. 

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  NSE Nifty 50  Current Level: 25,020  Support: 24,760; 24,550; 24,400  Resistance: 25,268; 25,333; 25,900  The weekly chart shows that the short-term bias for the Nifty 50 index is expected to remain positive as long as the index holds above 24,760 levels. On the upside, the index seems on course to re-visit its hurdle around 25,900 levels.  Chart hints, that a break and trade above 25,900 levels, can trigger a rally towards record highs. Intermediate hurdles for the Nifty 50 index can be anticipated around 25,268 and 25,333 levels. READ MORE  On the flip side, in case the Nifty slips and trades consistently below 24,760 levels, the index could consolidate and seek support around 24,550 and 24,400 levels this week.