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 FOR THE CHART

NIFTY50
Likely target: 21,000
Upside potential: 21%

This index has seen a firm accumulation in the range of 16,200 to 15,700 in the past; and unless this range does not get violated, the bullish sentiment is here to stay. As of now, the index is sustaining above 16,700 and that seems to build robust underlying strength, as per the daily chart. This sideways accumulation assists in developing a bullish long-term rally that could see Nifty50 hit the 21,000 mark in the coming months. CLICK HERE FOR THE CHART

Nifty Midcaps 100
Likely target: 39,000
Upside potential: 30%

The Nifty Midcap index needs to conquer 31,200 levels to embark a fresh bullish trend. The recent reversal near the 28,000 mark suggests a positive sentiment, which is key to crossing the resistance levels. From a very short-term perspective, the 29,000 level becomes the immediate closing basis support. The overall trend suggests that the index is heading towards the 39,000 mark. Increased investor participation in this market segment over the next few months can take this index even higher. CLICK HERE FOR THE CHART 

Nifty Smallcaps 100
Likely target: 14,000
Upside potential:  25%

The index is broadly trading in the range of 11,400 to 10,200 levels and every dip saw greater accumulation interest by traders. They seemed to be eager to enter at lower levels. The current trend suggests that a breakout may take the index towards the 14,000 mark.  CLICK HERE FOR THE CHART