Stock Market Technical Analysis | 7th to 11th Sep 2026 Weekly Wrap

Indian markets faced renewed selling pressure, with Nifty and Bank Nifty declining amid rising volatility. Sectoral performance, institutional flows and derivatives positioning offer key insights into the market's near-term dynamics.

Expert recommendation by:

• Mr. Ketan Kaushik - Derivative Analyst

Equity

• Benchmark Index traded with negative bias in the previous week before closing with 2.09% cut at 23,398 level. Banking Index performed better than the benchmark index as it closed with 1.33% cut at 56,607 level.
• Among the Nifty constituents, MAXHEALTH and ADANIENT outperformed the benchmark index as they closed with 5.37% and 4.15% gains while INFY and HCLTECH underperformed as they closed with 8.17% and 6.75% cut respectively. Among the Bank Nifty constituents, YESBANK outperformed the benchmark index as it closed with 4.36% gain while UNIONBANK underperformed the benchmark index as it closed with 4.87% cut.
• Among sectors, NIFTYPHARMA index outperformed the benchmark index during the previous week as it closed with 0.21% gain while NIFTYREALTY index underperformed as it closed with 6.54% cut. Broader market performed better than the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.40% and 0.94% cut respectively.
• Volatility index (India VIX) closed with 15.03% gain at 12.29 level
• FII were net seller as they sold stocks worth Rs 1,795 Cr while DII were net buyer as they bought stocks worth Rs 6,419 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 1.57% and 1.66% cut respectively.

Derivatives

• Derivatives data for Nifty suggest max OI addition at 23800 call and 23300 put side with max OI at 24000 call and 23300 put side (15th Sep expiry). Nifty cumulative PCR closed at 1.01 for Sep 11.
• Derivatives data for Bank-nifty suggest max OI addition at 56000 call and 54500 put side with max OI at 57500 for both call and put side (29th Sep expiry). Bank-nifty cumulative PCR closed at 0.94 for Sep 11.

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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 23,000–22,800 level and resistance at 23,800–24,000 level

BANK NIFTY (WEEKLY)

• Banking index performed better than 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 55,500-55,000 and resistance at 57,800 -58,300 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 25,100-24,900 level and resistance at 26,000-26,200 level

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Market FAQs – Weekly Summary

How did the Nifty perform during the previous week?

Nifty declined 2.09% to close at 23,398, reflecting a weak weekly market trend.

How did Bank Nifty perform compared with Nifty?

Bank Nifty fell 1.33% to 56,607, outperforming Nifty's 2.09% decline.

Which Nifty stocks outperformed during the week?

Max Healthcare and Adani Enterprises gained 5.37% and 4.15%, respectively.

Which Nifty stocks underperformed?

Infosys and HCL Technologies declined 8.17% and 6.75%, respectively.

Which sector performed best?

Nifty Pharma outperformed with a 0.21% gain, while Nifty Realty declined 6.54%.

What happened to India VIX?

India VIX rose 15.03% to 12.29, indicating increased market volatility.

What were the FII and DII cash market flows?

FIIs were net sellers of ₹1,795 crore, while DIIs were net buyers of ₹6,419 crore.

What was the global market trend?

DJIA declined 1.57% and STOXX 600 fell 1.66% during the previous week.

What does Nifty derivatives data indicate?

Maximum open interest addition was observed at the 23,800 Call and 23,300 Put strikes. The cumulative PCR was 1.01.

What are the key Bank Nifty derivatives levels?

Maximum open interest addition was recorded at the 56,000 Call and 54,500 Put strikes. The cumulative PCR was 0.94.

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• India VIX Explained
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