Nifty50 managed to touch weekly high of 24,261, at the beginning of the week, as investors cheers the falling crude oil prices and fresh interest of FII’s in the Indian market.But in the middle of the week, profit booking along with weak global cues and FII’s again sitting on the selling spree push the index down to the level of 23,784.95. But the index managed to settle above the mark of 24,000, as RBI hinted on no rate hikes, along with continuous fall in crude oil prices decreased the inflationary pressure, thus, index sustained the psychological level of 24,000. But further upside can only be expected, if the index sustains above the mark of 24,100.

Domestic Economic Numbers

As per the latest data released, Manufacturing PMI slipped to 54.5 in June from 55.0 in May, signalling slower but continued expansion in factory activity, Services PMI fell to 57.3 from 59.8, thus making composite PMI lower to  57.4 in June from 59.3 in the previous month, reflecting a softer pace of expansion in overall business activity while remaining firmly in growth territory.Further India’s eight core industry also registered a decline to 0.5% in May 2026, the second-lowest reading in 21 months.

Understanding the INR

The rupee closed the week hovering around 94.91 to 94.14 per US Dollar (USD), before settling the week at 94.30.This reflects a steady rebound from the pressures seen earlier when Indian Rupee plummeted to an all-time low of 96.84 in May, 2026.The stability in the rupee came, amid progress in diplomatic talks and the announcement of a 60-day negotiating period between the US and Iran, resulting in slip in crude oil prices below the mark of $75, this drop dramatically eased fears of imported inflation and a runaway current account deficit thus stabilizing rupee.

For the week ahead

Domestically, the index would get a direction,taking cues from the performance of INR along with FII’s, which continued to be net sellers.For the month till date, FII’s made net sales of  Rs 45,505.54 crore month-to-date with only a single-session of net buying of Rs 4,859 crore on June 19. Crude oil prices would also act as a catalyst in giving index a direction.On the economic front,  India’s industrial production and PMI would be released giving insight on the economic condition of the country.

NIFTY WEEKLY

 Nifty 50 traded with mixed momentum and index managed to touch a low of 23,784.95 and also went up to the weekly high of 24,261. But the index failed to sustain the upside momentum and settled at 24,056. Upside in the index would only be possible,if the index manages to trade and sustain above the mark of 24,100 then only 24,250 would be possible, Otherwise, if the index fails below the mark of 24,000 then 23,800 yet again be the next downside target for the index.

BANK NIFTY WEEKLY

Bank Nifty traded with strength and index went up to the high of 58,706.05. Index however couldn’t sustain momentum and plunged to settle down at 58177.05 merely gaining 0.05% from previous weekly close of 57,685.75. Thus for the index for further upside must sustain above the mark of 58,177 then must reach for the next upside destination of 59,500 level. Downside would only be possible, if the index falls below the mark of 57,100.

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