Weekly Update- 16 January 2026

NIFTY50

Nifty closed at 25,694, up 11 points (+0.04%). The week remained largely sideways, with sectoral rotation where some sectors provided support while others acted as a drag on the index. The week began with intense selling pressure, during which Nifty tested its important support zone near 25,500. A sharp rebound from these levels followed, after which the index moved into a range-bound phase for the remainder of the week, indicating consolidation after the recovery. For the coming week, key resistance is placed around 25,900, while support remains near 25,500, with the overall view continuing to favor a buy-on-dips approach, provided the support zone holds.

BANKNIFTY

Bank Nifty closed the week at 60,095, registering a strong gain of 843 points (+1.42%). The index clearly outperformed Nifty, displaying sharp upside moves from lower levels, which signaled strong accumulation and improving sentiment in the banking space. The rally was led by PSU banks, which significantly outperformed private banks on the back of robust quarterly results across the sector, reinforcing confidence in earnings visibility and balance-sheet strength. The sustained buying interest indicates a shift toward leadership by banking stocks. For the coming week, immediate resistance is placed around 60,400, while strong support lies near 59,500, keeping the broader view constructive with a buy-on-dips approach, provided support levels continue to hold.

TOP GAINING SECTOR

NIFTY PSUBANK was top gainer sector for the week

Major gainers were:-

BANKINDIA:- up by 7.75%

PNB:- up by 7.7%

MAHABANK:- up by 6.48%

SBIN:- up by 4.18%

TOP LOSING SECTOR

NIFTY REALTY was top losing sector for the week

Major losers were:-

GODREJPROP:- down by 5.15%

DLF:- down by  3.14%

PRESTIGE:- down by 2.61%

BRIGADE:- down by 2.51%

IMPORTANT NEWS

• Bharat Coking Coal Ltd’s IPO has garnered strong grey market interest ahead of its Monday listing, indicating a potential 54% listing gain. One of the most oversubscribed PSU offerings in recent years, the company’s strategic position as India’s largest coking coal producer underscores investor confidence despite the brief delay.

• RBL Bank reported a 555% jump in Q3 net profit to Rs 214 crore, driven by advances growth, strong retail and wholesale lending, better asset quality, and higher deposits despite a slight dip in net interest margin.
  
• ICICI Bank Q3 Results: India's second largest private lender ICICI Bank on Saturday reported a 4% fall in its December quarter standalone net profit at Rs 11,318 crore compared to Rs 11,792 crore reported in the year ago period. The profit after tax (PAT) was below ET Now estimates of Rs 12,346 crore.
  
• HDFC Bank Q3 Results: HDFC Bank announced a strong performance for the December quarter. The bank's net profit surged by 11 percent year-on-year. This growth exceeded market expectations. Interest income saw a modest increase, while interest expenses declined.
  
• Reliance Industries Q3 Results: Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday posted a marginal 0.56% year-on-year (YoY) growth in its consolidated net profit at Rs 18,645 crore in the third quarter. Revenue from operations in the same period rose 11% YoY to Rs 2.69 lakh crore.