Stock Market Technical Analysis | 14th to 18th Sep 2026 Weekly Wrap

The Indian equity market ended the previous week with a mild negative bias, while banking stocks underperformed the benchmark. FII selling, DII buying, sector rotation and derivatives positioning provide key signals for understanding the market setup.

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• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded with negative bias in the previous week before closing with 0.22% cut at 23,346 level. Banking Index underperformed the benchmark index as it closed with 0.44% cut at 56,359 level.
• Among the Nifty constituents, HDFCLIFE and HCLTECH outperformed the benchmark index as they closed with 3.95% and 3.58% gains while TCS and TITAN underperformed as they closed with 4.35% and 4.21% cut respectively. Among the Bank Nifty constituents HDFCBANK outperformed the benchmark index as it closed with 3.21% gain while FEDERALBNK underperformed the benchmark index as it closed with 3.41% cut.
• Among sectors, NIFTYMEDIA index outperformed the benchmark index during the previous week as it closed with 1.08% gain while NIFTYINDDEFENCE index underperformed as it closed with 3.83% cut. Broader market performed better than the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.01% and 0.15% cut respectively.
• Volatility index (India VIX) closed with 7.33% cut at 11.39 level.
• FII were net seller as they sold stocks worth Rs 7,620 Cr while DII were net buyer as they bought stocks worth Rs 11,232 Cr during the previous week in the cash segment.
• Globally, equity markets traded with a negative bias as both US market (DJIA) and European market (STOXX 600) closed with 1.69% and 0.57% cut respectively.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 23400 call and 23300 put side with max OI at 24000 call and 23300 put side (22nd Sep expiry). Nifty cumulative PCR closed at 1.06 for Sep 18.
• Derivatives data for Bank-nifty suggest max OI addition at 58500 call and 55500 put side with max OI at 58000 call and 57500 put side (29th Sep expiry). Bank-nifty cumulative PCR closed at 0.91 for Sep 18.

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Performance:

Indices

Source: NSE

Sector Gainers/Losers

Source: NSE

FII / DII ACTIVITY (WEEKLY)

Source: NSE

SUPPORT/RESISTANCE LEVEL FOR UPCOMING WEEK

Source: NSE

DAILY EXPONENTIAL MOVING AVERAGE

Source: NSE

TECHNICAL OUTLOOK

NIFTY (WEEKLY)

• Benchmark index traded with a negative bias in the previous week before closing with indecisive candlestick formation on the weekly chart
• Benchmark index is likely to trade volatile in the coming week
• Benchmark Index has support at 23,000–22,800 level and resistance at 23,800–24,000 level

BANK NIFTY (WEEKLY)

• Banking index unperformed the benchmark and closed with indecisive candlestick formation on the weekly chart
• Banking index is likely to perform in line with the Benchmark index in the coming week
• Banking index has support at 55,300-54,800 and resistance at 57,500 -58,000 level

FIN NIFTY (WEEKLY)

• FINNIFTY index performed better than the banking index and closed with indecisive candlestick formation on the weekly chart
• FINNIFTY is likely to trade in line with the banking index in the coming week
• FINNIFTY has support at 25,000-24,800 level and resistance at 26,000-26,200 level.

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Market FAQs – Weekly Summary

1. How did the Nifty perform during the previous week?

Nifty closed 0.22% lower at 23,346, indicating a mildly negative weekly trend.

2. How did Bank Nifty perform compared with Nifty?

Bank Nifty underperformed Nifty, declining 0.44% to close at 56,359.

3. Which Nifty stocks performed well during the week?

HDFCLIFE and HCLTECH outperformed, gaining 3.95% and 3.58%, respectively.

4. Which Nifty stocks underperformed?

TCS and TITAN declined 4.35% and 4.21%, respectively, making them among the weaker Nifty constituents.

5. Which sectors outperformed the benchmark?

NIFTYMEDIA outperformed the benchmark with a 1.08% gain, based on the supplied weekly data.

6. What happened to India VIX during the week?

India VIX declined 7.33% and closed at 11.39, indicating lower volatility compared with the previous week.

7. What was the FII-DII activity during the week?

FIIs were net sellers of ₹7,620 crore, while DIIs were net buyers of ₹11,232 crore in the cash segment.

8. What does Nifty derivatives data indicate?

Nifty derivatives showed maximum OI addition at the 23,400 Call and 23,300 Put, while maximum OI was at the 24,000 Call and 23,300 Put for the 22 September expiry.

9. What was the Nifty cumulative PCR?

Nifty cumulative PCR stood at 1.06 as of September 18, based on the supplied derivatives data.

10. What was the Bank Nifty PCR and key derivatives positioning?

Bank Nifty cumulative PCR stood at 0.91 as of September 18. Maximum OI addition was at the 58,500 Call and 55,500 Put, while maximum OI was at the 58,000 Call and 57,500 Put for the 29 September expiry.

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• India VIX Explained
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