While fundamental analysts have been sounding alarm over high valuations in the equity markets, given the sharp bull run, they continue to be bullish on Indian markets from a long-term perspective.
Against this backdrop, where are the markets headed now? Here's what the charts have to say for the key benchmark indices.
S&P BSE SENSEX
Likely target: 62,000 and 63,000
Upside potential: 3% to 5%
The index has crossed the 60,000-mark with a decisive move signaling further upside. The overall medium-term outlook continues to exhibit higher territory of 62,000 and 63,000 levels over the coming few months. On the downside, 59,500-level is now an immediate support. Further, untill 59,000 is held on a closing basis, the positive sentiment may always revive with strong underneath strength, according to the daily charts.
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NIFTY50
Likely target: 18,300 and 18,600
Upside potential: 2% to 4%
After breaking out of the major consolidation above 16,000 in August 2021, the index clearly signaled 18,300 and 18,600 levels. The recent "Higher High, higher Low" formation exhibits a firm positive sentiment heading in the upward direction. The immediate support comes at 17,500 and then next at 17,250. The medium-term outlook is well placed above the closing basis support of 17,000-mark, according to the daily and weekly charts.
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NIFTYBANK
Likely target: 38,700 and 39,000
Upside potential: 2.50% to 3.25%
The Nifty Bank Index claimed a new all-time and conquered the 38,000-mark. This move emerged after a lengthy consolidation in the range of 36,000 to 34,000. Such breakouts point at bullish outlook from a medium-term perspective. The index is heading towards 38,700 and 39,000 levels from an immediate scale and 40,000 from a broader outlook. The closing basis support stays at 37,000, according to the daily and weekly charts.
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