Stock Market Technical Analysis | 31st Aug to 4th Sep 2026 Weekly Wrap

Market sentiment remained cautious last week as Nifty slipped 1.15%, while Bank Nifty held relatively firm. With FII selling, strong DII buying and key option OI levels in focus, the coming week could hinge on crucial support and resistance zones.

Expert recommendation by:

• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded with negative bias in the previous week before closing with 1.15% cut at 23,898 level. Banking Index performed better than the benchmark index as it closed with 0.22% cut at 57,370 level.
• Among the Nifty constituents, COALINDIA and RELIANCE outperformed the benchmark index as they closed with 3.58% and 2.72% gains while ADANIENT and EICHERMOT underperformed as they closed with 7.27% and 5.32% cut respectively. Among the Bank Nifty constituents IDFCFIRSTB outperformed the benchmark index as it closed with 4.32% gain while SBIN underperformed the benchmark index as it closed with 3.00% cut.
• Among sectors, NIFTYPVTBANK index outperformed the benchmark index during the previous week as it closed with 0.31% gain while NIFTYAUTO index underperformed as it closed with 3.95% cut. MIDCAP index underperformed the benchmark index as it closed with 1.55% cut while SMALLCAP index outperformed the benchmark index as it closed with 0.08% gain.
• Volatility index (India VIX) unchanged at 10.68 level.
• FII were net seller as they sold stocks worth Rs 5,612 Cr while DII were net buyer as they bought stocks worth Rs 23,156 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 0.27% and 0.81% cut
  respectively.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 24400 call and 23900 put side with max OI at 24000 call and 23000 put side (08th Sep expiry). Nifty
  cumulative PCR closed at 0.92 for Sep 04.
• Derivatives data for Bank-nifty suggest max OI addition at 60000 call and 57500 put side with max OI at 57500 for both call and put side (29th Sep
  expiry). Bank-nifty cumulative PCR closed at 1.06 for Sep 04.

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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 a bearish candlestick formation on the weekly chart
• Benchmark index is likely to trade volatile in the coming week
• Benchmark Index has support at 23,500–23,200 level and resistance at 24,300–24,600 level

BANK NIFTY (WEEKLY)

• Banking index performed better than the benchmark and closed with indecisive (Doji) 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 56,500-56,000 and resistance at 58,500 -59,000 level

FIN NIFTY (WEEKLY)

• FINNIFTY index underperformed 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 25,600-25,300 level and resistance at 26,500-26,800 level.

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Market FAQs – Weekly Summary

1. How did Nifty perform last week?

Nifty closed 1.15% lower at 23,898, reflecting a negative bias in the benchmark index.

2. How did Bank Nifty perform last week?

Bank Nifty declined 0.22% to 57,370 but outperformed the broader benchmark during the week.

3. What are the key Nifty support and resistance levels?

Options data indicates important activity around 23,900 on the put side and 24,400 on the call side, making these key levels to monitor.

4. What does the Nifty PCR indicate?

Nifty cumulative PCR stood at 0.92 on September 4, indicating a relatively balanced-to-cautious derivatives setup.

5. What are the key Bank Nifty levels?

Bank Nifty saw maximum OI at 57,500 on both the call and put sides, making 57,500 an important derivatives level.

6. Which Nifty stocks outperformed last week?

Coal India and Reliance outperformed the benchmark, gaining 3.58% and 2.72%, respectively.

7. Which Nifty stocks underperformed?

Adani Enterprises and Eicher Motors underperformed, declining 7.27% and 5.32%, respectively.

8. What was the FII and DII activity?

FIIs were net sellers of Rs 5,612 crore, while DIIs were net buyers of Rs 23,156 crore in the cash segment.

9. Which sector performed best?

Nifty Private Bank was the strongest sector, gaining 0.31%, while Nifty Auto declined 3.95%.

10. What does India VIX suggest about market volatility?

India VIX remained unchanged at 10.68, indicating that implied market volatility stayed relatively contained.

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