Stock Market Technical Analysis | 17th to 21st Aug 2026 Weekly Wrap

Markets remained volatile last week, with Nifty slipping 0.47% to 24,252 while Bank Nifty gained 0.47%. Strong DII buying provided support, but sector rotation and derivatives positioning suggest traders should watch key levels closely.

Expert recommendation by:

• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded volatile in the previous week before closing with 0.47% cut at 24,252 level. Banking Index outperformed the benchmark index as it closed with 0.47% gain at 57,762 level.
• Among the Nifty constituents, HDFCLIFE and ETERNAL outperformed the benchmark index as they closed with 3.54% and 2.98% gains while TMPV and HCLTECH underperformed as they closed with 4.96% and 4.23% cut respectively. Among the Bank Nifty constituents, KOTAKBANK outperformed the benchmark index as it closed with 2.98% gain while UNIONBANK underperformed the benchmark index as it closed with 2.10% cut.
• Among sectors, NIFTYMETAL index outperformed the benchmark index during the previous week as it closed with 1.78% gain while NIFTYIT index underperformed as it closed with 2.63% cut. Broader market outperformed the benchmark index as MIDCAP index closed with 0.07% cut while SMALLCAP index closed with 1.21% gain
• Volatility index (India VIX) closed with 0.97% cut at 11.20 level.
• FII were net sellers as they sold stocks worth Rs 1,602 Cr while DII were net buyers as they bought stocks worth Rs 17,316 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 0.85% and 0.56% cut respectively.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 24300 for both call and put side with max OI at 24300 call and 24000 put side (25th Aug expiry). Nifty cumulative PCR closed at 1.11 for Aug 21.
• Derivatives data for Bank-nifty suggest max OI addition at 58500 call and 57700 put side with max OI at 58000 call and 57000 put side (25th Aug expiry). Bank-nifty cumulative PCR closed at 0.98 for Aug 21.

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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 volatile in the previous week before closing with hammer candlestick pattern on the weekly chart
• Benchmark index is likely to trade volatile in the coming week due to monthly expiry
• Benchmark Index has support at 23,900 – 23,700 level and resistance at 24,700– 24,900 level

BANKNIFTY (WEEKLY)

• Banking index outperformed the benchmark and closed with a bullish 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 56,800-56,300 and resistance at 59,000 -59,500 level

FINNIFTY (WEEKLY)

• FINNIFTY index lagged the banking index and closed with a bullish 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 25,800-25,600 level and resistance at 26,800-27,000 level

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Market FAQs – Weekly Summary

How did the Nifty 50 perform last week?

The Nifty 50 declined 0.47% during the week and closed at 24,252, reflecting a volatile market environment.

How did Bank Nifty perform last week?

Bank Nifty gained 0.47% and closed at 57,762, outperforming the Nifty 50 on a weekly basis.

Which Nifty stocks outperformed last week?

HDFCLIFE and ETERNAL were among the top performers, gaining 3.54% and 2.98%, respectively.

Which sectors performed best last week?

NIFTYMETAL outperformed with a 1.78% gain, while NIFTYIT underperformed with a 2.63% decline.

What happened to India VIX?

India VIX declined 0.97% to 11.20, indicating a marginal easing in implied market volatility.

What were the FII and DII flows?

FIIs were net sellers of ₹1,602 crore, while DIIs were net buyers of ₹17,316 crore in the cash segment.

What was Nifty's cumulative PCR?

Nifty's cumulative put-call ratio stood at 1.11 as of August 21, based on the provided derivatives data.

What are the important Nifty option levels?

For the August 25 expiry, maximum open-interest addition was seen at 24,300 on both the Call and Put sides. Major open interest was at 24,300 Call and 24,000 Put.

What are the key Bank Nifty option levels?

Maximum open-interest addition was observed at 58,500 Call and 57,700 Put, while major open interest was seen at 58,000 Call and 57,000 Put.

What is the near-term outlook for Nifty?

The setup remains volatile. Traders may monitor the 24,000–24,300 zone closely along with option positioning, market breadth and institutional flows.

Before You Trade, Strengthen Your Foundations with These Guides

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• Want to refine your risk-reward planning? Explore our insights on 👉 Position Sizing & Risk Management Strategies.
• India VIX Explained
• Track weekly trends and movement using
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