Weekly Update- 08th August 2026

NIFTY50

NIFTY50 is trading at 24,570.65, down 65.35 points (-0.27%), showing mild profit booking after the recent recovery. The daily chart indicates the index is holding above the 24,400–24,450 support zone, while the weekly structure remains constructive with higher lows forming from the recent bottom and price attempting to reclaim the declining trend resistance around 24,550–24,600. The recent price action indicates that buyers continue to defend lower levels despite some profit booking near resistance, keeping the broader recovery structure positive. Immediate resistance is placed near 24,650–24,775, with a sustained move above this zone opening the way towards 24,900–25,000. As long as NIFTY sustains above 24,400, the broader recovery remains intact, while a break below this support could lead to consolidation towards 24,200–24,250.

BANKNIFTY

BANK NIFTY is trading at 57,746.45, down 317.20 points (-0.55%), witnessing profit booking after facing resistance near the 58,000–58,250 region. The daily chart shows the index consolidating around 57,700, while the weekly structure remains constructive with a clear sequence of higher low formation from the 51,000–53,000 base and price holding above the rising long-term moving averages. The current consolidation appears to be a healthy pause following the recent recovery, with buyers continuing to defend important support levels. Immediate support is placed around 57,300–57,500, while resistance remains at 58,000–58,250. Sustaining above 57,300 keeps the recovery structure intact and could support an eventual move towards 58,500–59,000, whereas a decisive break below 57,300 would weaken the near-term setup.

TOP GAINING SECTOR

NIFTY PSU BANK was top gainer sector for the week

Major gainers were:-

UNION BANK:- up by 7.22%

SBIN:- up by 6.79%

INDIAN BANK:- up by 6.34%

CANARA BANK:- up by 5.58%

TOP LOSING SECTOR

NIFTY MEDIA was top losing sector for the week

Major losers were:-

ZEEL:- down by 17.77%

SUN TV:- down by 4.33%

TIPS MUSIC:- down by 3.40%

SAREGAMA INDIA:- down by 0.7%

IMPORTANT NEWS

• The government approved the ₹84,084 crore Samudra Manthan scheme to accelerate offshore oil and gas exploration, with ONGC planning 150 deep water wells. The massive investment could reduce India's import dependence, strengthen energy security, and increase domestic hydrocarbon production. Oilfield services, drilling, offshore engineering, equipment, and exploration companies could benefit significantly from the expected rise in exploration and development activity.

• The government approved a ₹5,070 crore scheme to promote floating solar power projects, expanding India's renewable-energy capacity while efficiently utilizing available water bodies. The initiative could create significant opportunities for solar module manufacturers, EPC companies, floating-platform suppliers, and renewable energy developers. The program also supports India's long-term clean-energy transition, energy security, and renewable capacity expansion targets.

• India has sharply raised its semiconductor demand forecast to $150 billion by 2030, highlighting accelerating consumption driven by electronics, artificial intelligence, data centres, and digital technologies. The higher demand outlook strengthens the case for expanding domestic chip manufacturing, packaging, and related infrastructure. Semiconductor companies, EMS players, equipment suppliers, and specialty chemical manufacturers could see substantial long-term opportunities from India's growing semiconductor ecosystem.

• The RBI kept the repo rate unchanged at 5.25% and retained its neutral stance, balancing inflation, economic growth, and global risks. Stable interest rates provide greater visibility for banks, NBFCs, housing finance companies, and businesses, while supporting credit demand and investment activity. However, future policy decisions will remain sensitive to crude oil prices, currency movements, inflation trends, and global financial conditions.

• SBI maintained its 14–15% FY27 loan growth guidance, supported by broad-based credit expansion across corporate and retail segments. Strong loan demand is positive for banking-sector earnings, net interest income, and overall financial performance. The outlook also indicates improving investment activity and economic conditions, benefiting large banks and well-positioned financial-sector companies. Continued credit expansion could further support the broader economic recovery and private-sector investment cycle.