Weekly Update- 24 April 2026

NIFTY50

Nifty closed the week at 23,898, declining 456 points (-1.87%). The week began on a positive note with two sessions of upward momentum, but this was followed by selling pressure in the latter half of the week, culminating in broad-based selling on Friday. The price action indicates weakness at higher levels with profit booking emerging after the initial rally. For the coming week, key resistance is placed around 24,350, while support lies near 23,500, with the overall view remaining buy on dips with controlled risk.

BANKNIFTY

Bank Nifty closed the week at 56,090, declining 0.84%. The index witnessed selling pressure at higher levels, indicating some consolidation after recent moves, though it managed to hold key levels. Overall sentiment remained slightly cautious in the banking space. For the coming week, key resistance is placed around 57,000, while support lies near 54,500, with the approach remaining buy on dips with disciplined risk management.

TOP GAINING SECTOR

GVT&D:- up by 11.12%

BHEL:- up by 6.5%

CGPOWER:- up by 6.24%

GAIL:- up by 4.94%

TOP LOSING SECTOR

NIFTY IT was top losing sector for the week

Major losers were:-

HCLTECH:- down by 16.58%

INFOSYS:- down by 12.44%

COFORGE:- down by 12.06%

TCS:- down by 7.15%

IMPORTANT NEWS

• IT Sector Slump: Nifty IT index dropped roughly 10%, experiencing its worst weekly performance since March 2020 due to weak Q4 guidance and earnings.
  
• Reliance Industries reached a significant milestone, becoming the first Indian company to surpass $10 billion in annual profit. Axis Bank reported flat profit with rising provisions.

• Broader markets outperformed the main benchmarks, while foreign investors (FIIs) remained consistent sellers throughout the week.
  
• SEBI announced plans for dynamic price bands to curb volatility in F&O stocks.

• Global markets gained relief after reports surfaced that Iranian Foreign Minister Abbas Araghchi arrived in Pakistan to discuss a potential second round of negotiations with the U.S., slightly cooling wartime energy anxieties.

• Following the diplomatic signals, U.S. oil prices pulled back slightly with WTI futures settling around $94 per barrel.