Weekly Update- 03rd October 2026

NIFTY50

NIFTY50 at 22,421 is showing continued weakness after losing the 22,800 zone, with consecutive weak candles on the daily chart and an intraday low of 22,217. The weekly chart also shows a sequence of lower highs and lower lows from the 24,400 region, indicating sustained selling pressure. Immediate support is at 22,200–22,000, followed by 21,800–21,600. Resistance is at 22,800–23,100. A decisive break below 22,000 could extend the downside toward 21,800–21,600, whereas a sustained move above 23,100 would improve the overall structure. Overall, the setup remains bearish, with 22,000 as the key support and 23,100 as the important level to reclaim.

BANKNIFTY

BANK NIFTY at 54,450 is showing continued weakness after facing rejection near the 55,400 area, followed by sustained selling pressure. The weekly chart has formed a lower-high structure after the 58,000 region and the index is now approaching the crucial 54,000 support zone. Immediate support is at 54,000–53,800, followed by 52,200. Resistance is at 55,000–55,400. A decisive break below 54,000–53,800 could open the way toward 52,200, whereas reclaiming 55,000–55,400 would be important to reduce the current selling pressure. Overall, BANK NIFTY remains bearish, with 54,000–53,800 as the key support zone.

TOP GAINING SECTOR

NIFTY IT was top gainer sector for the week

Major gainers were:-

COFORGE:- up by 2.25%

PERSISTENT:- up by 1.71%

INFOSYS:- up by 1.42%

TOP LOSING SECTOR

NIFTY CONSUMER DURABLES was top losing sector for the week

Major losers were:-

AMBER ENTERPRISE:- down by 8.42%

KALYAN JEWELLERS:- down by 9.54%

CG CONSUMER:- down by 7.78%

CERA SANITARY WARE:- down by 7.21%

IMPORTANT NEWS

• The NIFTY50 fell 2.8% to 22,421.95 in the holiday-shortened week, marking its eighth consecutive weekly decline. Selling was driven by elevated crude prices, foreign outflows and high US Treasury yields. Bank and financial stocks remained under pressure, while market volatility increased significantly.

• Escalating US-Iran tensions and uncertainty around the Strait of Hormuz pushed Brent crude sharply higher during the week, with prices reaching around $108 per barrel. Higher crude prices remain a major concern for India because of its large oil import dependence, potentially affecting inflation, the rupee, trade deficit and corporate margins.

• India’s foreign exchange reserves declined by $18.34 billion to $747.56 billion for the week ended September 25, marking the third consecutive weekly decline. The fall comes amid pressure on the rupee and elevated demand for dollars. Forex reserves remain an important buffer as India manages geopolitical and energy-related external risks.

• Foreign portfolio investors remained heavy sellers, with September witnessing ₹35,861 crore of net equity outflows. More than half of the monthly selling occurred during the final seven trading sessions. Elevated US Treasury yields and global risk aversion are encouraging investors to reduce exposure to emerging markets, adding pressure to Indian equities.

• With the market entering October after an extended decline, attention is shifting toward the RBI monetary-policy review and upcoming corporate earnings season. Investors will closely track inflation, liquidity, crude prices and currency movements alongside company results. The combination of monetary-policy signals and earnings guidance could influence the next phase of market direction.