Weekly Update- 11th October 2026

NIFTY50

NIFTY50 at 22,520 snapped its eight-week losing streak, the longest in 25 years, after a volatile week that saw a low of 22,180, the lowest level of 2026, on Thursday following the RBI's surprise rate hike. The index then staged a sharp 1.3% recovery on Friday, closing near the day's high and back above its weekly 200 EMA. The daily chart has also formed a positive divergence near the lows, which suggests that selling momentum is fading. The weekly candle has a long lower shadow, showing strong buying interest in the 22,200 area. However, the index is still below the 22,800 zone, and the broader structure of lower highs from the 24,400 region has not yet been broken, so the recovery needs confirmation. Immediate support is at 22,400, followed by 22,200–22,000 and then 21,800–21,600. Resistance is at 22,620, where short covering could begin on a sustained move above it, followed by 22,800 and the major hurdle at 23,100. A decisive close above 22,800 would improve the structure and open the way toward 23,100, whereas a break below 22,200 would revive selling pressure toward 21,800–21,600. Overall, the setup has shifted from bearish to a cautious rebound, with 22,200 as the key support and 22,800–23,100 as the important zone to reclaim.

 

 

 

BANKNIFTY

BANK NIFTY at 55,257 gained about 1.5% for the week and outperformed NIFTY50, led by private and PSU banks. After a volatile week with a low of 54,371, the index witnessed a strong uptrend on Friday, closing near the day's high of 55,419. It also closed above the 55,200 level on a weekly basis, which indicates improving bullish momentum. The RBI's rate hike has helped the sentiment for banks, as higher loan yields could widen margins, particularly for private banks. During the week the index repeatedly faced profit booking in the 55,000–55,200 zone, which has now turned into a short-term support area. Immediate support is at 55,000–55,200, followed by 54,600 and the key support at 54,000. Resistance is at 55,400–55,500, followed by 55,800 and 56,000. As long as the index holds above the 55,000–55,200 zone on a closing basis, the positive outlook is likely to sustain, and a close above 55,800 could trigger further upside toward 56,000. A slip back below 55,000 would weaken the setup and bring 54,000 back into focus. Overall, BANK NIFTY is relatively stronger than NIFTY50, with 55,000–55,200 as the key support and 56,000 as the next target.

 

 

TOP GAINING SECTOR

NIFTY FMCG was the top gainer sector for the week, up about 2.5%

Major gainers were:-

RADICO KHAITAN:- up by 7.39%

COLGATE PALMOLIVE:- up by 4.77%

ITC:- up by 3.95%

VARUN BEVERAGES:- up by 3.69%

DABUR:- up by 3.33%

 

 

 

TOP LOSING SECTOR

NIFTY REALTY was the top losing sector for the week, down about 3.7%

Major losers were:-

PHOENIX MILLS:- down by 6.06%

PRESTIGE ESTATES:- down by 5.34%

SOBHA:- down by 4.24%

LODHA DEVELOPERS:- down by 3.69%

 

 

IMPORTANT NEWS

• The NIFTY50 rose 0.43% to 22,520.45, snapping its eight-week losing streak, the longest in 25 years. The index hit its lowest level of 2026 on Thursday before a sharp Friday rally, its best one-day gain in over two months. The SENSEX closed at 72,472, up 0.78%, while BANK NIFTY gained about 1.5%.
• The RBI's Monetary Policy Committee raised the repo rate by 25 bps to 5.50%, its first hike since February 2023, and shifted to a "calibrated tightening" stance, surprising markets that expected a pause. The Governor said the extent of further hikes will depend on growth-inflation dynamics, with the focus on bringing inflation toward the 4% target. Banks gained on better margin expectations, while rate-sensitive sectors such as realty and auto came under pressure.
• Brent crude touched $105.92 per barrel during the week before closing near $104.42, as the Strait of Hormuz remained a conflict zone. Crude eased on Friday after the US President said there would be no fresh strikes on Iran before the November 3 midterm elections. G7 countries also agreed to release up to 100 million barrels of diesel and crude from reserves, with the IEA board meeting on October 14-15 to decide the details.
• Foreign portfolio investors remained sellers, with about ₹19,205 crore of net equity selling in October through 5th October (provisional data), following heavy selling in September. The rupee stayed under pressure at around ₹96.7 per dollar, while domestic institutions continued to be net buyers.
• Q2 FY27 earnings season began. TCS reported in-line results and declared a dividend, lifting the NIFTY IT index, even as the US suspended a green card programme for employees of several IT firms. Trent rose over 13% for the week after Q2 revenue grew 23% YoY. Key events next week are September CPI inflation (Monday), WPI (Wednesday) and results from companies such as Wipro (October 14-15).