Weekly Trend Report
- 24th October, 2026
Week Gone By
Indian equity markets ended the week on a negative note, with the Sensex and Nifty declining 2.15% and 2.63%, respectively, amid broad-based selling pressure, with mid-cap and small-cap indices falling 5.41% and 6.87%. Domestic sentiment remained focused on Q2 FY27 corporate earnings and their implications for market valuations and growth expectations. Globally, UK inflation accelerated to 3.5% in September from 3.1% in August, while retail sales volumes declined 0.4%, indicating continued pressure on consumer spending. In Japan, exports grew 16.7% year-on-year for the 13th consecutive month, while core inflation accelerated to 2.1%, strengthening expectations of further monetary policy tightening. In the US, housing starts declined 5.2% month-on-month, signalling weakness in the housing sector, while initial jobless claims fell to 194,000, reflecting continued labour market resilience.
Week Ahead
Domestic markets are expected to track key economic data releases, corporate earnings and global developments during the week ahead. India’s September industrial production and manufacturing output data, along with M3 money supply and government budget figures, will be closely monitored. Quarterly earnings from TVS Motor Company, Asian Paints, Trent, Sun Pharmaceutical Industries, Bharat Electronics and other major companies will remain in focus for insights into demand trends, profit margins and management outlooks. Globally, the US Federal Reserve’s interest rate decision, Core PCE inflation, third-quarter GDP growth and personal spending data will be key triggers. Japan’s interest rate decision and China’s manufacturing PMI will also influence global market sentiment. Crude oil prices, FII activity, rupee movements, US Treasury yields and geopolitical developments are likely to drive market volatility.
Technical Overview
- Nifty 50 closed at 22,600, down 546.15 points (-2.36%) on the weekly chart. The latest price action indicates renewed selling pressure after the recent recovery failed to sustain above the 22,780 resistance zone. The broader market structure remains weak, with the index trading below its short- and medium-term moving averages.
- Recent price action remains the key concern. After recovering from the 22,180–22,300 support zone, Nifty faced rejection near 23,300 and reversed lower. The latest daily candle closed at 22,600, indicating that sellers regained control and the recovery lacked sustained follow-through.
- The 22,600 area is the immediate support being tested. Price is approaching the important 22,180–22,300 demand zone, where buyers previously attempted to defend the market. A decisive breakdown below 22,180 could weaken the structure further and expose the next lower support area.
- The 22,780 level remains the first important resistance. Nifty needs to reclaim this level and sustain above it to improve the immediate price structure. Until then, upward moves may face selling pressure and remain vulnerable to rejection.
- Above 22,780, the next resistance zone is 23,070–23,350, which previously acted as a support area before the recent breakdown. A sustained move above 23,350 would provide stronger evidence that the market is attempting a meaningful recovery.
- Moving-average structure continues to remain negative. Nifty is trading below the declining daily EMA cloud and the key daily moving averages. The weekly chart also shows price struggling around the long-term 200-period moving average near 22,673, making the current support zone particularly important for the broader trend.
- Conclusion:The latest price action indicates that Nifty remains in a short-term bearish phase, with the index retreating from resistance and retesting the lower support zone. The immediate battle is between 22,180–22,300 support and 22,780 resistance. Below 22,180, weakness could extend further as the current demand zone would be breached. If support holds, Nifty may attempt a recovery toward 22,780, followed by 23,070–23,350.
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