On the charts, there is room for the Nifty, Sensex and the Nifty Bank index to fall more from here. At the same time, important supports are also coming up which will need a close watch. We will have to wait and see if the benchmark indices can find a bottom at this support.
Among the sectors, the BSE Oil & Gas index fell the most last week. It was down 3.3 per cent. The BSE Telecom index, up 2 per cent, outperformed last week.
FPIs sell
The Foreign Portfolio Investors (FPIs) are on a selling spree. The equity segments witnessed a net outflow of about $3.84 billion last week. For the month of March, the equity segment has seen a net outflow of about $9.57 billion so far.
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Nifty 50 (23,114.50)
Short-term view: The outlook remains weak. Intermediate support is around 22,900. A break below it can drag the Nifty down to 22,300-22,200 in the short term. We expect the Nifty to bounce back after this fall.
In case, the index manages to sustain above 22,900, a rise to 23,800-24,000 can be seen. In that case, a range of 22,900-24,000 is a possibility for some time.
As mentioned last week, 24,000 is a crucial resistance. Nifty has to surpass this hurdle to ease the downside pressure and bring back the chances of revisiting 26,000 levels.
Medium-term view: We repeat that 22,200-22,000 will be a crucial support now. A bounce from there and a subsequent rise past 24,000 can take Nifty higher to 26,000-26,400. Such a bounce can continue to keep it in a sideways range as seen from the quarterly candle chart.
For now, Nifty has to sustain above 22,000 and breach 26,400. Only then the chances of the rally to 28,000 and 30,000 will come back into the picture.
Nifty will come under danger of more fall only if it breaks below 22,000.
Nifty Bank (53,427.05)
Short-term view: Nifty Bank index is now poised near a crucial support level of 53,300. The price action on the chart indicates that the index can break this support. Such a break can take it down to 52,200-52,000, the next key support zone.
We expect the Nifty Bank index to bounce back from around 52,000. That can take it back up to 54,000-56,000 in the short term.
Medium term view: As long as the index stays above 52,200-52,000, there is no threat for the broader bullish view. The expected bounce from around 52,000 mentioned here, will have the potential to take the Nifty Bank index up to 60,000 in the coming weeks.
It will also keep the doors open to see 64,000-65,000 in the medium term and 68,000-69,000 in the long term.
As mentioned last week, there is no major disruption in our view. The only change will be in terms of time.
Sensex (74,532.96)
Short-term view: The resistance at 77,000 mentioned last week has held very well. That keeps the downside open to see 73,000-72,800. We can expect the Sensex to bounce back after this fall. That bounce can take the index back up to 76,000-77,000.
As mentioned last week, 77,000-77,500 is an important resistance zone. Sensex has to surpass this hurdle in order to get some breather and turn the outlook positive.
Medium-term view: The levels of 72,800 and 72,250 are very crucial to watch now. A strong bounce from either of these levels and a subsequent rise past 77,500 will bring back the earlier bullishness. That in turn can take the Sensex up to 85,000-86,000 in the medium term. It will also keep the broader sideways range intact.
Eventually, Sensex has to rise above 86,000 to see the rally to 90,000 (medium-term) and 98,000-99,000 (long-term) that we were expecting earlier.
Nifty Midcap 150 (20,226.90)
Short-term view: The resistance at 21,000 is holding well. On the weekly chart, the outlook remains mixed. Support is around 19,800. As long as the index stays below 21,000, it will remain vulnerable to break 19,800. Such a break can drag it down to 19,200-19,000. Thereafter we can expect a bounce back move to 21,000 again.
A decisive break above 21,000 is needed to clear the way for revisiting 22,800 levels. The index has to surpass 22,800 eventually in order to bring back the earlier bullish view. Only then the bullish outlook of seeing 26,000-26,500 in the medium term and 28,000-28,500 in the long term will come back into the picture.
In case the index declines below 19,000, an extended fall to 18,300-18,000 is possible.
Nifty Smallcap 250 (14,791.95)
The index failed in its attempt to rise back above 15,000 last week. That keeps alive the chances of seeing 14,000 on the downside.
As mentioned last week, 14,000 is a strong support. A bounce from there can indicate the beginning of a new leg of uptrend. A rise from 14,000 and subsequent break above 16,000 will strengthen the bullish case. It will also keep intact our view of targeting 22,500-23,000 in the long term.
This bullish view will go wrong only if the index breaks below 14,000. In that case an extended fall to 13,000 and even lower can be seen going forward.
Published on March 21, 2026