Samvat 2078 market outlook: Sensex can hit 64,000; Nifty target 19,500

The key benchmark indices may record new all-time high levels in Samvat 2078, provided they conquer the near-term significant resistance levels.

S&P BSE SENSEX
Likely target: 64,000 (after crossing 61,500)
Upside potential:  4%

The BSE Sensex may turn bearish only after breaching the 59,000-level decisively. Such scenario thereafter may reflect a formation of “Head and Shoulder” symbolising aggressive sell-off and profit booking. The current trend indicates indecision and the index may see sideways movement. An up move above 61,500 may trigger a rally towards new uncharted territory of 64,000 levels in Samvat 2078. CLICK HERE FOR THE CHART  

NIFTY50
Likely target: 19,000 and 19,500 (after conquering 18,300)
Upside potential: 3.50% to 6.50%

As long as the Nifty sustains above the support of 17,500 on a closing basis and does not show a decisive decline, the overall bullish trend may continue for the Nifty with an upside target of around 19,000 and 19,500 levels in Samvat 2078. For now, an up move above 18,300 may see an aggressive addition in the long-term outlook, according to the daily chart. As per the current sentiment, the index may see sideways movement and enter a consolidation phase before breaking out on the upside.  CLICK HERE FOR THE CHART

Nifty Midcap 100
Likely target: 34,000
Upside potential: 7%

The Midcap 100 index recovered sharply from the support of 30,000-level. In addition, the index seems to be attempting to cross the immediate resistance of 31,800. As and when this happens, the trend may see an upward movement in the direction of 34,000 levels. The immediate support for the index exists at 30,900 levels. The candlestick patterns show smart recovery with strength favouring the bulls. This certainly signals a positive bias and the index may see a sharp upside.  CLICK HERE FOR THE CHART
 
Nifty Smallcap 100
Likely target: 12,000 (above 11,300)
Upside potential: 6%

This index has support around 10,500 levels and as long as this support is maintained, the positive bias may see a revival of the positive sentiment, according to the daily chart. A breakout above 11,300 may see an upside towards 12,000 levels, according to the support-resistance philosophy. The market participants are eager to see higher levels and more participation may occur if the index conquers 11,300 levels. This up move may see the next bullish trend for the small-cap stocks. CLICK HERE FOR THE CHART