Nifty, Kospi, Nikkei, Hang Seng, S&P500, DAX, FTSE 100, Nasdaq: Technical view

Market outlook: In a technical note on key global stock indices, Emkay Global said global equities remained constructive but were consolidating rather than trending. The domestic brokerage said developed market benchmarks such as the US' S&P 500, Nasdaq and Germany's DAX were trading within narrow ranges after strong advances, while the UK's FTSE 100 had staged a mild breakout from an 18-week symmetrical triangle.

In Asia, leadership remained divergent, Emkay Global said. Japan's Nikkei and Taiwan's TAIEX maintained strong uptrends, while Hong Kong's Hang Seng turned bearish and South Korea's Kospi underwent a sharp intermediate correction, it said.

"In India, the Nifty 50 remains range-bound and indecisive within its two-year 22,200-26,200 band, though midcap strength near all-time highs keeps the buy-on-dips framework intact," Emkay said.

Here's the technical outlook for key global indices

Nifty 50
Emkay said Nifty has spent the past two years confined to a broad 22,200–26,200 range, an amplitude of roughly 18 per cent. The immediate outlook is sideways to negative, it said.

"Short-term sentiment would improve on a move above 24,200, while a decisive close above 24,600 is required to restore broader positivity. Immediate support is placed at 23,770, followed by the 23,200–23,000 band. While the large-cap index remains in an indecisive state, bullish momentum continues to be observed in the midcap segment," Emkay said.

Trend: Indecisive | Resistance: 24,200 / 24,600 | Support: 23,770 / 23,200–23,000

Nifty Midcap 100

Emkay Global said the midcap index is trading near its all-time high and continues to support a buy-on-dips approach. The bullish tone remained intact above 58,000. Based on time-cycle analysis, the upside phase
has the potential to extend into the October–December 2027 window, it said.

Trend: Bullish — buy on dips | Resistance: — | Support: 58,000 (trend pivot)

S&P 500
The US benchmark index has been consolidating within a narrow 5 per cent range over the past 35 trading sessions, digesting its prior advance. The underlying structure remains constructive, Emkay said. 

Trend: Sideways to positive | Resistance: 7,600 | Support: 7,300–7,200

Nasdaq
Following a strong upside move, Nasdaq has been consolidating within an 8 per cent range over the past 40 trading sessions. The pause is viewed as consolidation within the ongoing uptrend rather than distribution, Emkay said.

Trend: Sideways to positive | Resistance: 26,650 / 27,150 | Support: 25,100 / 24,000

FTSE 100
The UK index has registered a mild breakout from a symmetrical triangle formed over an 18-week compression phase, a constructive continuation signal.

Trend: Bullish | Resistance: 10,850 | Support: 10,200 / 9,800

CAC 40
The pace of the advance has moderated somewhat; however, the broader positive trend remains intact.

Trend: Bullish | Resistance: 8,600 | Support: 8,240 / 8,100

DAX
The index remained in a sideways-to-positive trend, having consolidated within the 22,800–25,300 band for the past 15 months. The underlying tone remains bullish.

Trend: Sideways to positive | Resistance: 25,300 | Support: 24,500 / 23,900

Nikkei 225
Emkay said the Japanese index remained in a strong bullish trend, with a typical intermediate correction profile of 7 per cent preceding each fresh upside leg. Sustained trade below 69,000 could extend the current correction, it said. The broader trend remained firmly bullish, it said.

Trend: Bullish (short-term correction) | Resistance: 71,100 / 72,800 | Support: 67,500 /63,800

Hang Seng 
This index is reacting lower from its resistance band. Intermediate rallies are viewed as selling opportunities. A move below 22,600 would invite further selling pressure, Emkay said.

Trend: Bearish | Resistance: 24,500 | Support: 22,500 / 22,000

Kospi
The broader trend remains positive, though intermediate corrections in this index have historically been as sharp as 20%. The short-term chart has sustained mild damage, and the near-term trend remains weak below 8,700. Immediate support is placed at 7,100, Emkay said.

Trend: Intermediate correction | Resistance: 8,100 | Support: 7,100

TAIEX
The index remains in a strong bullish trend, with no overhead resistance of note.

Trend: Bullish | Resistance: — | Support: 43,000