Weekly Update- 24th October 2026

NIFTY50

NIFTY50 at 22,600 fell 2.4% in the holiday-shortened week, giving up almost the entire gain of the previous week. The index failed to sustain above the 23,150 zone at the start of the week and then slipped for four straight sessions amid broad-based selling, elevated crude oil prices above $110 and concerns over corporate earnings. It lost the 22,700–22,800 support zone, touched a low of 22,372 on Friday and closed near the lower end of the week's range. The weekly candle is a bearish candle that erases the previous week's bullish candle, which indicates that the recovery has failed for now. On the positive side, the index has continued to hold above its weekly 200 EMA for the last four weeks, which is an important long-term support. Immediate support is at 22,400, followed by 22,200 and then 22,000, the 2026 low area. Resistance is at 22,800, followed by 23,000–23,150. A break below 22,200 could extend the weakness toward 22,000 and below, whereas a close above 22,800 would be the first sign that the selling pressure is easing. The near-term bias has turned weak, with a sell-on-rise approach as long as the index trades below 22,800. Overall, NIFTY50 is in a corrective phase, with 22,200–22,400 as the key support zone and 22,800–23,000 as the important resistance to reclaim.

 

 

 

BANKNIFTY

BANK NIFTY at 54,287 fell about 2.8% for the week and underperformed NIFTY50, with private banks and financials leading the decline. After facing resistance near 55,880 at the start of the week, the index lost the 55,000–55,200 zone, which had been acting as support, and remained under sustained pressure throughout Friday's session, closing near the day's low after touching 53,942. The weekly chart has formed a lower-high and lower-low structure and the candle closed near its low, which shows continued selling pressure. The 55,000–55,200 zone has now turned into a strong resistance. Immediate support is at 53,700–53,900, followed by 53,000 and 52,200. Resistance is at 55,000, followed by 55,600. A decisive break below 53,700 could open the way toward 53,000, whereas a recovery above 55,000 on a closing basis would improve the short-term structure. The near-term bias remains negative, with a sell-on-rise approach as long as the index sustains below 55,000. Overall, BANK NIFTY is weaker than NIFTY50, with 53,700 as the key support and 55,000 as the important level to reclaim.

 

 

TOP GAINING SECTOR

NIFTY IT was top gainer sector for the week, up about 0.2%, the only major sector to end in the green

Major gainers were:-

HCL TECHNOLOGIES:- up by 3.06%

WIPRO:- up by 2.95%

TCS:- up by 2.64%

 

 

 

TOP LOSING SECTOR

NIFTY CONSUMER DURABLES was top losing sector for the week, down about 6.4%

Major losers were:-

CERA SANITARYWARE:- down by 11.12%

AMBER ENTERPRISES:- down by 9.95%

POLYCAB INDIA:- down by 9.48%

CROMPTON GREAVES CONSUMER:- down by 9.43%

DIXON TECHNOLOGIES:- down by 9.31%

 

 

IMPORTANT NEWS

• The NIFTY50 fell 2.4% to 22,600 and BANK NIFTY fell 2.8% to 54,287, as the indices declined for four straight sessions on broad-based selling across sectors. Only the NIFTY IT index ended the week in the green, while Consumer Durables (-6.4%), Metal (-5.4%), Media (-5.2%) and Realty (-5.0%) were among the weakest.
  
• Brent crude rose above $116 per barrel, after Iran denied any diplomatic progress and US oil inventories fell. The Houthis claimed an attack on a Saudi Aramco site in Yanbu, tankers were hit in the Strait of Hormuz, and Europe's gas benchmark crossed €90 for the first time since 2022. Expectations of mediation between the US and Iran this week offered some hope.
  
• Q2 earnings were mixed. Infosys announced $5.2 billion of large deal wins but cut its FY27 revenue growth guidance to 1-2% from 1.5-3%. Bajaj Finance reported a rise in gross NPA to 1.33% from 0.96% in the previous quarter, and ICICI Bank said its margin decline was largely due to FCNR deposits, expecting margins to improve after Q3.
  
• US Secretary of State Rubio said the India-US trade deal will happen "in weeks, not months", with only some technical details left, while India's trade minister said the India-EU trade agreement, to be signed before year-end, could become operational in 4-5 months. India's forex reserves fell to $721.02 billion from $726.03 billion.
  
• L&T won an ultra-mega order worth over ₹15,000 crore, and CG Power reported order inflow of ₹8,485 crore against an estimate of ₹4,965 crore. NSE and BSE announced Muhurat trading on November 8 from 2:20 pm to 3:30 pm.