Sensex can hit 70,000 in 2022; Nifty set to conquer 21,000, charts suggest

The Indian benchmarks are set to climb higher in 2022. Though there can be intermittent corrections, the broad trend remains up. Here is how key indices are stacked up the on technical charts

S&P BSE SENSEX
Likely target: 70,000
Upside potential: 21%   

The current formation seems to reflect a negative bias. However, as long as the index holds above 200-day moving average (DMA) positioned at 54,000, which it managed to retest and reverse recently, the bullish bias is expected to remain intact. The long-term outlook (12 month perspective) hints at the possibility of the Sensex scaling up to 70,000 levels, according to the chart pattern. The immediate closing basis support stays at 56,000 levels. CLICK HERE