Weekly Update- 17th July 2026

NIFTY50

NIFTY50 closed at 24,334.30, gaining 127.40 points (1.09%) and continuing to build on the recent recovery. The daily chart shows buyers successfully defending the 24,000–24,050 breakout zone and pushing the index towards the next resistance cluster near 24,400–24,500. The weekly structure remains constructive with higher lows forming after the sharp correction from the highs, indicating that momentum is gradually shifting back in favor of bulls. Improving market breadth and participation across key sectors are supporting the ongoing up move, while sustained buying interest at lower levels continues to reinforce confidence in the prevailing trend. The recent price action suggests that investors are willing to accumulate on declines, keeping the broader market structure healthy despite intermittent profit booking. As long as the index sustains above 24,000, the short-term trend remains positive with potential for an extension towards 24,600–24,800, while a close below this support zone could trigger another phase of consolidation. Overall sentiment remains constructive, with bulls maintaining an advantage as long as key support levels remain intact.

BANKNIFTY

BANK NIFTY closed at 58,521.40, gaining 475.50 points (1.63%) and delivering a strong breakout above the important 57,500 resistance zone. The daily chart reflects aggressive buying interest with a large bullish candle supported by improving momentum, while the weekly chart shows the index continuing its recovery after holding the major base around 51,000. Strong participation from heavyweight private banks and PSU lenders has significantly improved the technical outlook, while the breakout signals renewed confidence among market participants. The ability to sustain above previous resistance levels indicates that buyers remain firmly in control and that the banking sector continues to lead the broader market recovery. Sustaining above 57,500–57,600 now converts this region into an important support area and keeps the possibility open for a move towards 59,000–60,000 in the coming weeks. Any pullback towards the breakout region is likely to attract buyers as long as the index remains above 57,500. The overall trend remains bullish, and continued strength in financial stocks could support further upside momentum in the sessions ahead.

TOP GAINING SECTOR

NIFTY IT was top gainer sector for the week

Major gainers were:-

TCS:- up by 9.67%

TECH MAHINDRA:- up by 8.12%

HCLTECH:- up by 3.42%

MPHASIS:- up by 3.11%

TOP LOSING SECTOR

NIFTY REALTY was top losing sector for the week

Major losers were:-

UTI AMC:- down by 6.39%

BSE LTD:- down by 6.03%

NUVAMA:- down by 5.79%

CAMS:- down by 4.98%

IMPORTANT NEWS

• The government approved a ₹62,500 crore package to strengthen India’s mobile manufacturing ecosystem and accelerate the country’s electronics production ambitions. The scheme is expected to attract fresh investments, increase domestic value addition, and enhance export competitiveness. Major beneficiaries include electronics manufacturing services (EMS) companies, component manufacturers, and semiconductor ecosystem players, while supporting India’s goal of becoming a major global electronics manufacturing hub.

• The World Bank will mobilize $4.2 billion for India’s rooftop solar expansion programme, providing a significant boost to the country’s clean energy transition. The funding will support wider solar adoption, reduce dependence on imported fossil fuels, and help achieve renewable energy targets. Solar equipment manufacturers, EPC companies, power financiers, and distributed energy providers are expected to benefit from the increased investment and project activity.

• India attracted nearly $10 billion through the RBI’s FCNR deposit initiative, designed to strengthen foreign exchange reserves and support the rupee. The inflows improve external financial stability, enhance liquidity conditions, and provide additional support against global market volatility. Stronger reserve buffers help reduce pressure on currency markets while reinforcing investor confidence in India’s macroeconomic and financial stability.

• The government approved a ₹1.25 trillion allocation for India Semiconductor Mission 2.0, aimed at expanding domestic chip manufacturing, packaging, and semiconductor ecosystem development. The initiative strengthens supply-chain resilience, reduces import dependence, and supports the growth of India’s electronics industry. Semiconductor companies, EMS players, equipment suppliers, and specialty chemical manufacturers could emerge as major long-term beneficiaries of this strategic investment programme.

• Skyroot Aerospace plans to launch Vikram-1, India’s first privately developed orbital rocket, marking a major milestone for the country’s private space sector. The mission highlights the rapid progress of India’s aerospace ecosystem and could attract greater investment into space technologies. The development is positive for satellite services, launch infrastructure, defence applications, and domestic aerospace manufacturing, supporting India’s ambitions in the global space economy.