Weekly Update- 17th October 2026

NIFTY50

NIFTY50 at 23,146 gained 2.8% for the week, its best weekly gain in a long time, after a volatile start that saw a low of 22,288 on Tuesday. The index extended its recovery for a second straight session on Friday, closing near the weekly high of 23,150, and it has comfortably reclaimed the 22,800 resistance zone, which has now turned into support. The weekly candle is a strong bullish candle that engulfs the previous week's range, and the index is holding above its weekly 200 EMA and its 20-day EMA. The positive divergence seen on the daily chart near the lows has also played out well, with the rally supported by a sharp move in IT stocks along with Auto, Private Banks and Reliance Industries. Immediate support is at 23,000, followed by 22,800 and then 22,600. Resistance is at 23,400, followed by 23,800, where the index faced selling earlier in the year. The view remains buy on dips as long as the index sustains above 22,800 on a closing basis, and a close above 23,400 would open the way toward 23,800. A fall back below 22,800 would indicate that the rally is losing strength and could bring 22,600–22,500 back into focus. Overall, the setup has turned bullish in the short term, with 22,800–23,000 as the key support zone and 23,400 as the next level to cross.

 

 

 

BANKNIFTY

BANK NIFTY at 55,844 gained about 1.1% for the week and registered a strong weekly close, supported by private banks. After a dip toward 54,709 on Monday, the index recovered steadily, broke above its mid-Bollinger Band and touched a high of 56,066 on Thursday, before consolidating near the 55,800–56,000 zone on Friday. The 55,000–55,200 zone, which was a resistance earlier, is now acting as a strong support, and the index has held above it on a closing basis for the entire week. Bank Nifty has underperformed Nifty this week as IT led the rally, but the structure remains positive. Immediate support is at 55,500, followed by 55,000–55,200 and 54,700. Resistance is at 56,200, followed by 56,500. The view remains buy on dips as long as the index holds above 55,000–55,200, and a sustained close above 56,200 could trigger a fresh leg of upside toward 56,500 and beyond. A close below 55,000 would weaken the setup and bring 54,700 back into focus. Overall, BANK NIFTY remains positive, with 55,000–55,200 as the key support zone and 56,200 as the near-term hurdle to cross.

 

 

TOP GAINING SECTOR

NIFTY IT was top gainer sector for the week, up about 11.7%

Major gainers were:-

TECH MAHINDRA:- up by 18.22%

KPIT TECHNOLOGIES:- up by 15.87%

TCS:- up by 14.33%

INFOSYS:- up by 13.46%

WIPRO:- up by 13.43%

 

 

 

TOP LOSING SECTOR

NIFTY HEALTHCARE was top losing sector for the week, down about 1.1%

Major losers were:-

FORTIS HEALTHCARE:- down by 6.33%

ALKEM LABORATORIES:- down by 4.34%

MAX HEALTHCARE:- down by 4.28%

MANKIND PHARMA:- down by 3.93%

 

 

IMPORTANT NEWS

• The NIFTY50 rose 2.8% to 23,146.15 and BANK NIFTY gained 1.1% to 55,844. The rally was led by a sharp 11.7% jump in the NIFTY IT index after Q2 results from IT majors, with HCL Technologies reporting new deal wins of $3.26 billion and $219 million of advanced AI revenue. Broad-based buying in Auto, Private Banks and Reliance Industries also supported the index.
  
• India's CPI inflation rose to 5.54% in September from 4.82% in August, slightly below the 5.58% estimate, and remains well above the RBI's 4% target. Adding to the tightening of liquidity, the RBI raised the daily CRR requirement to 99% from October 16, after the repo rate hike to 5.50% last week.
  
• Geopolitical risks stayed elevated, with Brent crude trading near $107 per barrel as the Strait of Hormuz remained a conflict zone and a Saudi-led coalition intercepted missiles and drones aimed at Yanbu and Riyadh. OPEC cut its 2026 global oil demand growth forecast to 180,000 barrels per day, while the IEA said the oil release announced in March will exceed 400 million barrels.
  
• SEBI announced a closing auction session (CAS) effective December 7. It will run as a separate 10-minute session from 3:30 pm to 3:40 pm on all trading days, with only limit and market orders allowed. Trading in stock derivatives will continue till 3:45 pm, and derivative pricing will not be based on the closing auction.
  
• The Supreme Court set aside Yes Bank's AT1 bond write-off decision, pushing Yes Bank shares to the lower circuit, while Sammaan Capital may recover about ₹662 crore. Separately, the government approved Fairfax's stake purchase in IDBI Bank, and mutual fund SIP inflows hit a record ₹32,490 crore in September.