Weekly Update- 23 January 2026

NIFTY50

Nifty closed the week at 25,049, declining 646 points (-2.51%). The week began with strong selling pressure, as both the index and broader markets came under stress after breaching the key 25,000 support level intraday. This was followed by a sharp recovery of nearly 500 points, which sustained for the next two sessions, indicating buying interest at lower levels. However, the recovery failed to hold, and fresh selling pressure emerged on Friday, dragging the index lower once again. For the coming week, key support is placed around 24,700, while resistance is seen near 25,400. The overall view remains cautious at higher levels, with a selective buy-on-dips approach near support zones, keeping risk tightly managed.

BANKNIFTY

Bank Nifty closed the week at 58,473, declining 1,622 points (-2.7%). The week began with selling pressure, primarily driven by weakness in private banks led by ICICI Bank, which caused Bank Nifty to underperform Nifty on a weekly basis. While PSU banks initially showed relative strength due to strong earnings and buying interest, this resilience faded toward the end of the week, and the index witnessed sharp declines on Friday, losing momentum across the banking space. For the coming week, key support is placed around 57,500, while resistance lies near 59,000. The overall view remains cautious at higher levels, with a selective buy-on-dips approach near support zones, maintaining tight risk management.

TOP LOSING SECTOR

NIFTY REALTY was top losing sector for the week

Major losers were:-

GODREJ PROPERTIES:- down by 18.4%

LODHA:- down by 15.93%

OBEROI REALTY:- down by 12.65%

DLF:- down by 9.45%

IMPORTANT NEWS

• According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, FPIs not only continued their selling spree in the week ended January 23 but also intensified it. The sustained outflows have wiped off Rs 16 trillion in market capitalisation for the week alone, contributing to a 2.5% decline in the Nifty index.

• Adani Group companies clarified via stock exchange filings that they are not parties to any US SEC legal proceedings. Reports indicated the SEC sought court approval to serve summons to Gautam Adani and Sagar Adani via email after Indian authorities denied previous requests. The group reiterated no allegations are against the company.

• Adani Group companies clarified via stock exchange filings that they are not parties to any US SEC legal proceedings. Reports indicated the SEC sought court approval to serve summons to Gautam Adani and Sagar Adani via email after Indian authorities denied previous requests. The group reiterated no allegations are against the company.

• India’s defence sector is transforming. A record budget and focus on domestic production are boosting capabilities. Exports are growing, reaching over 100 countries. New technologies and private sector involvement are key. This presents a multi-decade opportunity for investors. The upcoming budget is expected to further enhance capital expenditure and promote exports.

• India’s auto sector saw a strong Q3 recovery driven by GST cuts, festive demand, and lean inventories. Broad-based growth in two-wheelers, passenger, and commercial vehicles continued post-festive season. TVS Motor and Maruti Suzuki are highlighted for market share gains and strong growth prospects.