Stock Market Technical Analysis | 27th to 31st July 2026 Weekly Wrap

Markets rebounded strongly, with Nifty gaining 2.59% as IT and financial stocks led the recovery. Falling India VIX and buying by both FIIs and DIIs added to the positive tone, while derivatives data points to key levels to watch.

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• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded with positive bias in the previous week before closing with 2.59% gain at 24384 level. Banking Index underperformed the benchmark index as it closed with 1.01% gain at 57265 level.
• Among the Nifty constituents, BAJFINANCE and JIOFIN outperformed the benchmark index as they closed with 12.68% and 9.27% gains while BEL and ADANIPORTS underperformed as they closed with 4.23% and 4.06% cut respectively. Among the Bank Nifty constituents IDFCFIRSTB outperformed the benchmark index as it closed with 4.81% gain while BANKBARODA underperformed the benchmark index as it closed with 1.56% cut.
• Among sectors, NIFTYIT index outperformed the benchmark index during the previous week as it closed with 6.75% gain while NIFTYDEFENCE index underperformed as it closed with 0.25% cut. Broader market lagged the benchmark index as both MIDCAP index and SMALLCAP index closed with 2.10% and 2.46% gains respectively.
• Volatility index (India VIX) closed with 16.18% cut at 11.76 level.
• Both FII and DII where net buyer as they bought stocks worth Rs 5,950 Cr and 5,388 Cr during the previous week in the cash segment.
• Globally, equity markets traded with a positive bias as both US market (DJIA) and European market (STOXX 600) closed with 1.04 and 0.73% gains respectively.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 24400 for both side call and put side with max OI at 24600 call and 24000 put side (04th Aug expiry).
• Nifty cumulative PCR closed at 1.39 for Jul 31.
• Derivatives data for Bank-nifty suggest max OI addition at 57500 call and 57000 put side with max OI at 58000 for both side call and put side (25th Aug expiry). Bank-nifty cumulative PCR closed at 0.91 for Jul 31.

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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 positive bias in the previous week before closing with bullish candlestick formation on the weekly chart
• Benchmark index is likely to trade volatile in the coming week
• Benchmark Index has support at 24,000–23,800 level and resistance at 24,800–25,000 level

BANKNIFTY (WEEKLY)

• Banking index underperformed the benchmark and closed with indecisive candlestick formation on the weekly chart
• Banking index is likely to perform in line the Benchmark index in the coming week
• Banking index has support at 56,200-55,700 and resistance at 58,300-58,800 level

FINNIFTY (WEEKLY)

• FINNIFTY index outperformed the banking index and closed with 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 26,200-26,000 level and resistance at 27,000-27,200 level.

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Market FAQs – Weekly Indian Stock Market Summary

1. How did Nifty perform this week?

Nifty gained 2.59% during the week and closed at 24,384, reflecting a positive market bias.

2. How did Bank Nifty perform this week?

Bank Nifty gained 1.01% and closed at 57,265, although it underperformed Nifty during the week.

3. Which Nifty sector performed best?

Nifty IT was the strongest-performing sector, gaining 6.75% during the week.

4. What happened to India VIX?

India VIX declined 16.18% to 11.76, indicating lower market volatility compared with the previous week.

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

Both FIIs and DIIs were net buyers, with purchases of approximately ₹5,950 crore and ₹5,388 crore respectively.

6. What was Nifty's PCR during the week?

Nifty's cumulative Put-Call Ratio (PCR) stood at 1.39 as of July 31.

7. What are the key Nifty levels to watch?

Based on the cited derivatives data, 24,000 and 24,600 are important levels, while 24,400 recorded maximum open-interest addition on both the call and put sides.

8. What are the key Bank Nifty levels?

Bank Nifty closed at 57,265. The 57,000 put and 57,500 call showed notable open-interest additions, while 58,000 had significant open interest on both sides.

9. Which stocks outperformed the Nifty?

BAJFINANCE and JIOFIN were among the strongest Nifty constituents, gaining 12.68% and 9.27% respectively during the week.

10. What should investors monitor next week?

Investors may track index support and resistance levels, derivatives positioning, FII-DII flows, India VIX, global markets and sector rotation. These indicators should be considered alongside individual investment objectives and risk factors.

Before You Trade, Strengthen Your Foundations with These Guides

• For a stronger understanding of indicators such as RSI, VWAP, and trendlines, check our 👉 Technical Analysis Fundamentals section.
• 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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  👉 Gift Nifty Today Analysis
  👉 How to Trade Gift Nifty
  👉 Gift Nifty Trading Hours
• Learn how to interpret derivatives data for better trading decisions. 👉 Advanced Trading Strategies