EQUITY RESEARCH (24th Oct 2026)

Nifty 50 traded with negative bias and settled down by 2.36% at the level of 22,600 from the previous weekly closing of 23,146.15, amid rising middle east tension which pushed the oil prices above the mark of $110 and bringing back the inflationary concern in the market. Further investors are also awaiting the US fed meeting decision on interest rate. Further continuous withdrawal of FII from the Indian market also weighed heavily on the Indian market. FII’s for the month till date has already made net sales of 51,466.38 crores.

US-Iran war update

Tensions between the United States and Iran escalated sharply this week as U.S. defense officials and regional allies weighed expanded strike packages targeting Iranian military command networks, drone facilities, and critical infrastructure. In response, Tehran warned of asymmetric retaliation, including threats to sever vital undersea telecommunications cables in the Persian Gulf, while enforcing tighter restrictions near the Strait of Hormuz. The growing maritime standoff, compounded by proxy drone activity and heightened shipping risks, pushed Brent crude past $111 per barrel as multilateral diplomatic talks in Istanbul stalled without a direct breakthrough between Washington and Tehran.

For the week ahead

Domestically, the index would get a direction, taking cues from the performance of INR. Further investors would take cue from movement of  Crude oil prices which continued to over $110. A further key economic event with a list of data like FED interest rate decision, along with GDP estimate and inflation number would be released giving further cues on US economic health, thus giving direction to the market.

NIFTY WEEKLY

Nifty 50 traded with negative momentum,pared previous week’s gain and plunged by 0.39%, to touch the weekly low of 22,372, before settling the week at 22,600, losing 546.15 points on weekly basis. RSI also managed to stay in the normal zone pushing itself out of the oversold zone to the level of 37.34, thus giving some upside momentum to the index. Thus, the index must sustain the momentum and continue to trade above the mark of 22,600 , breaching the weekly high of 23,175.25, would only propel upside in the index to reach for the next upside destination of 23,150/23,300 level. But falling below 22,500 could make the index weak for the downside destination of 22,250/22,100.

BANK NIFTY WEEKLY

Bank Nifty traded with negative momentum fell by 1556.65 points on a weekly basis to settle the week ended on 24th October at the mark of 54,287.35. Further, the RSI also fell to  39.88 hinting pressure in the index which may further push the index towards the level of 53,680. Thus for the index to further upside must trade above the level of 56,000 mark to reach the next upside destination of 56,500 level. However, if the index breaks the weekly low of 53,942.35 , then we may see the index slipping to the level of 53,000.

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