Can the Nifty 50 index hit 15,000 in three months? Here's what charts say

Sensex and Nifty need to conquer 100-DMA to avoid a major sell-off. Global cues, too, need to remain supportive for the up trend to resume

The benchmark indices BSE Sensex and Nifty 50 reached a new historic peak of 62,245 and 18,604 in October 2021 and have since been on a downward spiral. Both the indices are presently trading 9 per cent lower from the top and every up move has been met with selling pressure.

That said, both the Sensex and Nifty 50 trade below their 200-day moving average (DMA), which most investors see as a key barometer for trend or a rally. The overall picture seems uncertain with traders and investors feeling confused about the trend ahead. 

In the last 9 sessions, the Sensex and Nifty remained sideways amid extreme volatility.  

Here’s how the frontline indices look on the charts from a short-to-medium term perspective.

S&P BSE SENSEX

Likely target: 55,000 and 54,300 (after aggressive breach of 56,000)

Downside potential: 1.80% to 3%

The BSE Sensex has continuously failed to conquer the 100-day moving average (DMA) set at 57,876-mark after violating 200-DMA. It did cross the 200-DMA placed at 57,736 level, but was unable to add a follow-up buying to overcome the 100-DMA. At things stand, the recent reversal mark at 56,009 becomes the crucial neckline for the trend. Any aggressive breach of this mark could mean an inevitable downside to 55,000 and then 54,300 levels. The index may even see further downside in case negative global cues persist, as per the daily chart. CLICK HERE FOR THE CHART

NIFTY50

Likely target: 16,500 and 16,200 (after violating 16,224)

Upside potential: 1.80% to 3.50%

As far as Nifty 50 index is concerned, it did cross the 100-DMA hurdle placed at 17,390 mark but could not see follow-up buying. This led to an unstable scenario and the index drifted to the lower trend reversal mark 16,224. Going ahead, if Nifty 50 fails to hold the recent rebound mark mentioned above, the weakness could open a next level of fall that may see the 50-share indes hit 16,500 and then 16,200 levels. It can eventually drift towards 15,000-mark if the selling aggravates, shows the daily chart pattern. CLICK HERE FOR THE CHART

NIFTYBANK

Outlook: Nifty Bank needs to conquer 200-DMA

The index has constantly failed to overcome the hurdle of 200-DMA set at 36,925 levels. That said, this index has a support of 35,000 levels, according to the daily chart. Only by breaking the said mark on good volume will the index see the next leg of downside. Nifty Bank needs to conquer 100-DMA to embark a new trend. The immediate resistance comes in at 36,500 levels. CLICK HERE FOR THE CHART