Sensex Rallies Nearly 2,900 Points in a Week; Nifty Reclaims 25,000-Level After 7 Months

GG News Bureau
Mumbai, 19th May: The Indian equity markets witnessed a sharp rally last week as geopolitical tensions between India and Pakistan eased and optimism grew over a potential US-India trade agreement. The BSE Sensex soared nearly 2,900 points, hitting a weekly high of 82,718 before settling at 82,331 on Friday. Since the beginning of FY26, the Sensex has rallied over 4,900 points.

Meanwhile, the NSE Nifty 50 index reclaimed the psychological 25,000-mark after nearly seven months. The benchmark rose 1,012 points or 4.2 per cent during the week, closing at 25,020 — levels last seen on a weekly basis on October 4, 2024.

Weekly Market Outlook: May 19 – May 23

BSE Sensex

• Current Level: 82,331
• Support Levels: 82,000; 81,840; 81,550; 81,300; 81,050
• Resistance Levels: 82,820; 83,365; 83,600; 84,240

The Sensex’s breakout above the 82,000 mark has triggered a fresh buy signal on the quarterly and yearly Fibonacci charts, indicating a continued bullish bias at least until June-end. Analysts note that the key pivot for the week is at 81,550 — as long as the index holds above this level, the uptrend is expected to remain intact.

Near-term support is seen at 82,000 and 81,840, while stronger support lies between 81,300 and 81,050. On the upside, the Sensex is expected to test 84,250 in the coming weeks, with interim resistance levels placed at 82,820, 83,120, 83,365 and 83,600.

NSE Nifty 50

• Current Level: 25,020
• Support Levels: 24,760; 24,550; 24,400
• Resistance Levels: 25,268; 25,333; 25,900

The Nifty 50’s reclaiming of the 25,000-mark signals renewed investor confidence. According to chart trends, the index’s short-term momentum will remain positive as long as it stays above 24,760. If the bullish trend continues, the Nifty could retest the 25,900 mark — a key hurdle — beyond which record highs may be within reach.

Resistance for the Nifty lies at 25,268 and 25,333. However, sustained trading below 24,760 could lead to consolidation, with support seen at 24,550 and 24,400.

Market participants will be closely watching geopolitical developments and trade negotiations this week, which are likely to shape sentiment and movement on Dalal Street.