Weekly Update- 24th July 2026

NIFTY50

NIFTY50 closed at 23,767.45, losing 566.85 points (-2.33%) as selling pressure intensified after failing to hold above the 24,000 zone. The daily chart shows a strong bearish candle, while the weekly chart indicates rejection near the recent recovery highs, suggesting that bears have regained control in the short term. The sharp decline was accompanied by broad-based weakness across sectors, reflecting cautious market sentiment and increased profit booking after the recent rally. Momentum indicators have also weakened, indicating that volatility may remain elevated until buyers regain control at higher levels. Immediate support is placed around 23,600–23,500, and a breakdown below this zone could extend the fall towards 23,200. On the upside, 24,000–24,100 now becomes a strong resistance, and only a close above this zone would improve the short-term outlook. Until then, the market is likely to remain under pressure, with rallies expected to face selling near resistance levels.

BANKNIFTY

BANK NIFTY closed at 56,693.5, falling 1,827.90 points (-3.12%) after witnessing heavy profit booking. The index slipped below the crucial 57,545 support, turning the near-term trend bearish. The weekly chart also reflects rejection from the resistance zone, indicating weakening momentum after the recent recovery. Selling pressure was visible across both private sector and PSU banking stocks, leading to a sharp deterioration in the short-term technical structure. The failure to hold key support levels suggests that traders have turned cautious, and further weakness cannot be ruled out if buying interest remains subdued. Immediate support is seen around 56,200–56,000, and a break below this could lead to further downside towards 55,300. On the upside, 57,500–57,600 is now the key resistance, and Bank Nifty needs to reclaim this level to revive bullish momentum. Until then, the broader outlook remains cautious, with any recovery likely to encounter selling pressure near higher levels.

TOP GAINING SECTOR

NIFTY FMCG was top gainer sector for the week

Major gainers were:-

UNITED SPIRITS:- up by 6.64%

UBL:- up by 4.40%

COLPAL:- up by 2.14%

MARICO:- up by 1.94%

TOP LOSING SECTOR

NIFTY PVT BANK was top losing sector for the week

Major losers were:-

BANDHAN BANK:- down by 22.19%

HDFC BANK:- down by 9.37%

AXIS BANK:- down by 6.14%

RBL BANK:- down by 4.13%

IMPORTANT NEWS

• India added 30.6 GW of renewable energy capacity during the first half of 2026, marking a 25% increase over the previous year and highlighting the country’s accelerating clean energy transition. Faster capacity additions strengthen energy security, reduce dependence on fossil fuels, and support India’s climate goals. The trend creates significant long-term opportunities for solar, wind, transmission, EPC, power equipment, and renewable energy companies as investment across the sector continues to expand.

• According to Morgan Stanley, India’s manufacturing sector is expected to nearly triple by 2035, driven by PLI schemes, infrastructure spending, export growth, and global supply-chain diversification. The optimistic outlook reinforces India’s position as a preferred global manufacturing destination. The trend strengthens the long-term investment case for capital goods, industrials, EMS, logistics, engineering, and manufacturing-focused companies across multiple sectors.

• India’s installed data center capacity is projected to increase fourfold by 2030, driven by rapid adoption of artificial intelligence, cloud computing, and digital transformation across industries. The expansion is expected to significantly increase demand for power, cooling systems, networking equipment, real estate, and digital infrastructure. The development is positive for data center developers, utilities, telecom infrastructure providers, and technology ecosystem participants supporting India’s digital economy.

• India’s private space industry is entering a new phase of commercialization following Skyroot Aerospace’s successful Vikram-1 mission. The achievement is expected to accelerate investments in satellite launches, defense technology, aerospace manufacturing, and space infrastructure. Growing participation from private companies strengthens India’s position in the rapidly expanding global commercial space economy and creates long-term opportunities across the aerospace and defense value chain.

• Foreign Portfolio Investors (FPIs) invested ₹17,227 crore into Indian equities during July, reflecting renewed confidence in India’s macroeconomic outlook and corporate earnings prospects. Strong foreign inflows improve market liquidity, support equity valuations, and enhance overall investor sentiment. If this trend continues, it could provide additional momentum to banking, large-cap, infrastructure, and capital goods stocks, while reinforcing India’s attractiveness among global emerging markets.