Will Sensex, Nifty scale new highs in Samvat 2083? What tech analysts say

Technical outlook on Sensex, Nifty for Samvat 2083

NIFTYKey upside levels to watch: 24,800; 25,400; 26,300

Downside supports: 22,200; 21,780

Analysts at Kotak Neo believe that the Nifty to remain in a broad consolidation phase within the 21,700-26,300 range in Samvat 2083, before establishing a stronger directional trend. The brokerage believes that the market presents stronger opportunities in the new Samvat as corporate earnings have remained supportive. It, however, cautions that from a technical perspective, the formation of lower-highs on both the daily and weekly charts suggests that downside risks may have not completely disappeared for now. Muthuselvaraj M, Technical Research Analyst at Mirae Asset Sharekhan expects the Nifty to display a positive trend for Samvat 2083 following the consolidation between 26,325-22,180 from December 2025 to October 2026. The analyst expects the upward trend to continue toward 24,700-25,400 over the next six months, and the bias to remain favourable as long as the index holds above the 22,000-mark. ALSO READ | New Samvat brings opportunities in mutual funds, equities and gold: Experts Pritesh Mehta, Executive Vice President-Institutional Equities Research at YES Securities expects a likely range of 22,000-26,000 for the Nifty. At the current juncture, the analyst believes that the possibility of a fresh lifetime high in Samvat 2083 appears to be a difficult proposition unless breadth improves meaningfully and leadership becomes more broad-based. Mehta believes that the Nifty continues to remain in broader consolidation phase, which is likely to persist into Samvat 2083. He cautions that the recent rebound should not be mistaken for the beginning of a runaway rally. "The October 2026 low around 22,200, which coincides with the three-digit Gann number of 225(00), forms an important floor. After months of leadership uncertainty, the last few weeks have seen leadership emerging, with the Nifty Top 10 Equal Weight Index gaining approximately 7 per cent on a QTD basis. Its ratio versus Nifty 50 has witnessed a sharp reversal, suggesting improving relative strength among select heavyweight stocks. Consequently, the sustainability of the current up move will depend on whether leadership broadens beyond a handful of large-caps," Mehta explains. ALSO READ | Nifty Smallcap looks stronger vs Midcap index, can hit new high: Analysts Echoing a similar stance, Sachin Gupta, VP-Research at Choice Broking believes that the markets are entering Samvat 2083 on a cautious note, with benchmark indices trading near important long-term support levels. From a technical perspective, Shah flags that the Nifty has shown resilience after witnessing a sharp rebound from its 200-week Exponential Moving Average (EMA), which also coincides with a multi-year rising trendline support. "The Nifty has attracted buying interest on several occasions around the 22,000 mark, while 21,700 remains an important long-term support. The monthly chart shows signs of recovery, with the index finding support around the Ichimoku Cloud and the 50-month EMA," says Shah. On the upside, the analyst sees 24,780 as the immediate hurdle, above which Shah expects the sentiment to improve and a possibility of gradual rally towards 26,300. Further upside could take the Nifty towards 28,380, a key Fibonacci Extension level, during Samvat 2083, adds Shah.