Weekly Update- 28th August 2026

NIFTY50

NIFTY50 at 24,175.65 (-0.31%) is showing some stabilization near the 24,000–24,100 zone, but the short-term structure remains weak after rejection from the 24,500–24,600 region. The latest weekly candle has tested 24,076 and is holding above 24,000, indicating buying interest near support, while the daily chart shows consecutive selling candles and lower levels after the recent bounce. Immediate support is at 24,000–24,050, followed by 23,800–23,600. Resistance is at 24,300–24,400, followed by 24,600–24,800. A sustained close above 24,400 can improve momentum toward 24,600–24,800, whereas a break below 24,000 can reopen downside toward 23,800–23,600. Overall, the setup is neutral to mildly bearish until 24,400 is reclaimed.

BANKNIFTY

BANK NIFTY at 57,496.30 (-0.46%) continues to maintain a relatively stronger broader structure, but short-term momentum has weakened after rejection near the 58,000 zone. The weekly chart remains range-bound around 57,500–58,000 after the earlier recovery from the 50,000–52,000 region, while the daily chart shows selling pressure from 58,000 with the latest candle testing 57,231. Immediate support is at 57,200–57,000, followed by 56,600–56,400. Resistance is at 57,800–58,000, followed by 58,200–58,700. A decisive breakout above 58,000 would strengthen the bullish continuation setup toward 58,200–58,700, while a break below 57,200 could trigger consolidation toward 57,000–56,600. Overall, BANK NIFTY remains constructive but range-bound, and is still relatively stronger than NIFTY50 as long as 57,200 holds.

TOP GAINING SECTOR

NIFTY METALS was top gainer sector for the week

Major gainers were:-

SAIL:- up by 15.30%

APL APOLLO:- up by 5.87%

ADANI ENTERPRISES:- up by 5.80%

JINDAL STEEL:- up by 5.39%

TOP LOSING SECTOR

NIFTY CPSE was top losing sector for the week

Major losers were:-

NTPC:- down by 2.93%

POWERGRID:- down by 2.33%

SJVN:- down by 1.79%

ONGC:- down by 2.62%

IMPORTANT NEWS

• Foreign Portfolio Investors have invested more than ₹27,000 crore in Indian equities in August, marking the strongest monthly inflow since September 2024. The reversal improves liquidity and market sentiment, particularly for large caps. Financials, index-heavy stocks and sectors with strong earnings visibility could benefit if foreign buying remains sustained.

• The government plans $1.4 billion in incentives to strengthen domestic production of advanced battery components. The move could reduce import dependence and accelerate India's EV supply chain. Battery manufacturers, EV companies, auto-component makers and energy-storage players stand to benefit, while domestic manufacturing and localisation could improve over the longer term.

• Larsen & Toubro has secured a major AI data-centre order valued at up to $1.57 billion, highlighting India's rapidly expanding digital infrastructure investment. The development is positive for L&T and the broader data-centre ecosystem, including power, cooling, electrical equipment, construction and digital infrastructure companies as AI capacity expands.

• NTPC plans to expand capacity to 244 GW by 2037 with ₹16.86 trillion of capital expenditure. The aggressive investment supports India's rising electricity demand and energy transition. Power-generation companies, EPC contractors, equipment suppliers, transmission companies and renewable-energy businesses could see significant order opportunities from this long-term spending cycle.

• An expected influx of 3–3.5 lakh tonnes of refined sugar could put pressure on domestic sugar prices. This may hurt sugar realizations and margins for producers in the near term, while benefiting consumers and downstream food companies. Ethanol economics, export opportunities and government policy will remain important factors for sugar stocks.