Sensex may hit 67,000, Nifty to hit 20,000-mark in FY23, foretell charts

The NSE Nifty Bank can rally to the 40,000-mark, after it successfully conquers its 200-DMA.

The Indian stock markets have delivered remarkable gains in FY22. Both the S&P BSE Sensex and the Nifty 50 benchmarks soared 33 per cent each recording new historic peaks of 62,225.40 and 18,604.45, respectively.

The indices continued to scale higher levels and carry over the bullish sentiment it secured in FY21. Although, the last quarter of FY22 did see some correction amid the Russia-Ukraine war and spike in crude oil prices, the underneath sentiment continues to favour the bulls.
 
Here's an outlook for the Indian markets going into FY23:

S&P BSE SENSEX
Likely target: 67,000
Upside potential: 15%

The recent correction showed the relevance of 51,000 mark, a crucial medium-term support that holds the bullish sentiment. Yes, the S&P BSE Sensex did break the 200-day moving average (DMA) exhibiting weakness, but soon recovered regaining the lost ground with added strength and momentum. The 200-DMA stands at 57,180 and remains a significant indicator. The outlook for FY23 indicates likelihood of a new all-time high, thus crossing its prior peak of 62,225. The momentum can even take the index higher towards the 70,000-mark. CLICK HERE FOR THE CHART

NIFTY 50
Likely target: 20,000
Upside potential: 15%

The broader outlook for the NSE bencmark is bullish, with the index rising above the 200-DMA support, which investors contemplate as a relevant indicator. Further down, the crucial breakdown mark stands at 15,200 level. Thus, as long as these major support levels are not violated, the medium-term trend could continue to see higher highs. Going ahead, the index seems headed towards a new all-time high and may even scale the 20,000-mark in FY23.  CLICK HERE FOR THE CHART
 
NIFTYBANK
Likely target: 40,000 (after conquering 200-DMA decisively)
Upside potential: 9%

At the moment, the Nifty Bank index is struggling to conquer the 200-DMA, set at 36,730-mark. And this is the second time Nifty Bank breached the support in the past four months. It does shows a weakness below this crucial support of 200-DMA, and only after having decisively conquering this hurdle, the index could see a revival in trend. The next obstacle for the index remains at the 40,000-mark. CLICK HERE FOR THE CHART

Nifty Midcaps 100
Likely target: 32,500
Upside potential: 10% and 13%

The Moving Average Convergence Divergence (MACD) smartly recovered from falling under the zero line, shows the weekly chart. The last time it breached the same, was in January 2020 which saw a correction of over 50 per cent. Prior to this was in 2019, wherein the index tumbled over 20 per cent. So, as long as the Midcap index protects MACD above the zero line, it can continue to maintain a positive bias. The next major resistance comes at 32,500 and 33,500 levels, shows the weekly chart. CLICK HERE FOR THE CHART

Nifty Smallcaps 100
Likely target: 12,000 (after crossing 10,700 agrresively)
Upside potential: 12%
 
Nifty Smallcap hovers under the 200-DMA, placed at 10,630 level, which in a way indicates weakness and selling pressure. Looking at the broader outlook, the index needs to take out 10,700 resistance aggressively to breakout on the upside. Only upon then, the index can see a rally towards the 12,000-level. The immediate support for the index exists at the 10,000-mark. CLICK HERE FOR THE CHART