Stock Market Technical Analysis | 21st to 25th Sep 2026 Weekly Wrap

Indian equities closed the previous week lower, with banking stocks declining more than the benchmark. Rising volatility, institutional fund flows and derivatives positioning offer useful context for understanding the latest market trends.

Expert recommendation by:

• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded with negative bias in the previous week before closing with 0.88% cut at 23141 level. Banking Index underperformed the benchmark index as it closed with 1.38% cut at 55580 level.
• Among the Nifty constituents, COALINDIA and ITC outperformed the benchmark index as they closed with 3.95% and 2.55% gains while BHARTIARTL and TRENT underperformed as they closed with 5.70% and 5.48% cut respectively. Among the Bank Nifty constituents UNIONBANK outperformed the benchmark index as it closed with 2.06% gain while INDUSINDBK underperformed the benchmark index as it closed with 5.60% cut.
• Among sectors, NIFTYREALTY index outperformed the benchmark index during the previous week as it closed with 2.98% gain while NIFTYIT index underperformed as it closed with 2.40% cut. MIDCAP index underperformed the benchmark index as it closed with 2.07 cut while SMALLCAP index performed in line with the benchmark index as it closed with 0.81% cut
• Volatility index (India VIX) closed with 6.81% gain at 12.16 level.
• FII were net sellers as they sold stocks worth Rs 11,490 Cr while DII were net buyers as they bought stocks worth Rs 16,398 Cr during the previous week in the cash segment.
• Globally, equity markets traded with positive bias as both US market (DJIA) and European market (STOXX 600) closed with 0.28 % and 0.50 % gains respectively.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 23100 call and 23050 put with max OI at 24000 call and 23000 put side (29th Sep expiry). Nifty cumulative PCR closed at 0.97 for Sep 25.
• Derivatives data for Bank-nifty suggest max OI addition at 57800 call and 55300 put with max OI at 57500 for both call and put side (29 Sep expiry). Bank-nifty cumulative PCR closed at 0.81 for Sep 25.

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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 negative bias in the previous week and closed with bearish candlestick formation on the weekly chart
• Benchmark index is likely to trade volatile in the coming monthly expiry week.
• Benchmark Index has support at 22,800–22,600 level and resistance at 23,600–23,800 level

BANK NIFTY (WEEKLY)

• Banking index underperformed the benchmark and closed with bearish candlestick formation on the weekly chart
• Banking index is likely to trade in line with the Benchmark index in the coming week
• Banking index has support at 54,700-54,200 and resistance at 56,700-57,200 level

FIN NIFTY (WEEKLY)

• FINNIFTY index underperformed the banking index and closed with bearish 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 24,700-24,500 level and resistance at 25,600-25,800 level.

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Market FAQs – Weekly Summary

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

The benchmark index declined 0.88% and closed at 23,141, reflecting a negative weekly trend.

2. How did Bank Nifty perform compared with Nifty?

Bank Nifty underperformed the benchmark, falling 1.38% to close at 55,580.

3. Which Nifty stocks outperformed during the week?

COALINDIA and ITC outperformed the benchmark, recording gains of 3.95% and 2.55%, respectively.

4. Which Nifty stocks recorded the largest declines among those listed?

BHARTIARTL declined 5.70% and TRENT fell 5.48%, making them the weakest performers among the Nifty constituents highlighted in the supplied data.

5. Which sectors outperformed and underperformed?

NIFTYREALTY gained 2.98% and outperformed the benchmark, while NIFTYIT declined 2.40%.

6. What happened to mid-cap and small-cap indices?

The MIDCAP index declined 2.07%, underperforming the benchmark. The SMALLCAP index fell 0.81%, broadly moving in line with the benchmark.

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

FIIs were net sellers of ₹11,490 crore, while DIIs were net buyers of ₹16,398 crore in the cash market.

8. How did India VIX change during the week?

India VIX rose 6.81% to close at 12.16, indicating an increase in the volatility measure over the week.

9. What does Nifty derivatives data indicate as of September 25?

For the September 29 expiry, maximum open-interest addition was recorded at the 23,100 Call and 23,050 Put. Maximum open interest was at the 24,000 Call and 23,000 Put. Nifty cumulative PCR stood at 0.97.

10. What were the key Bank Nifty derivatives levels and PCR?

For the September 29 expiry, maximum open-interest addition was at the 57,800 Call and 55,300 Put. Maximum open interest was recorded at 57,500 for both Calls and Puts. Bank Nifty cumulative PCR stood at 0.81 as of September 25.

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• India VIX Explained
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