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NIFTY WEEKLY OUTLOOK 03-10-2026

The Nifty index started the week on a weak note at 23,064.90, opening around 75 points lower, and made a weekly high of 23,080.25 during the initial minutes of the first trading session. Thereafter, the index witnessed sharp and sustained selling pressure throughout the week, eventually declining to a weekly low of 22,217.30. Nifty recovered marginally from the lower levels and closed at 22,421.95, down 718.55 points (-3.11%) for the week. The broader risk-off environment and continued weakness in market sentiment kept the index under pressure.

The weekly price action reflects a clear continuation of the corrective phase, with Nifty witnessing its eighth consecutive weekly decline. The index remained under persistent selling pressure and tested the 22,200–22,250 region before recovering slightly. Importantly, Nifty closed above its 200-Week EMA at 22,380.81, which continues to act as a crucial long-term support zone.

From a technical perspective, the weekly RSI is placed at around 31.06, remaining well below the neutral 50 mark and indicating weak momentum. The RSI is also significantly below its average near 46.27 and is approaching the oversold zone, suggesting that the index remains under pressure but may see intermittent technical pullbacks from lower levels.

Sector-wise, the performance remained broadly weak, although Nifty IT was the key outperformer and gained 2.17%, while Nifty Private Bank remained almost flat with a marginal gain of 0.01%. On the downside, Nifty Auto declined 3.46%, witnessing strong selling pressure during the final session, while Metal and Media fell 2.35% and 2.33%, respectively. FMCG, Realty, Consumer Durables and Oil & Gas also declined by more than 1%, whereas Pharma and Financial Services closed with relatively mild losses of less than 0.5%.

Technically, Nifty continues to remain in a weak corrective structure, with the index trading well below the 50-Week EMA around 24,146. However, the 200-Week EMA at 22,380.81 provided an important cushion, and the weekly close remained marginally above this long-term moving average. A sustained hold above this level could lead to some consolidation or technical recovery, while a decisive breakdown could increase downside pressure.

On the upside, immediate resistance is placed at 22,800 and 23,000. A sustained move above this zone would be required to ease the prevailing selling pressure and improve the short-term structure. On the downside, support is seen at 22,350 and 22,180. A decisive break below 22,180–22,350 could extend the corrective phase further. Considering the current technical setup, traders are advised to remain cautious and focus on selective, stock-specific opportunities while monitoring the key support zone around the 200-Week EMA.

Support Levels :- 22,180 - 22,350

Resistance Levels :- 22,800 - 23,000

Overall Bias :- Sideways to Bearish

BANKNIFTY WEEKLY OUTLOOK  03-10-2026

Bank Nifty opened the week lower by around 232 points and initially touched the weekly high of 55,390.10 during the first trading session, from where strong selling pressure emerged. The index continued to remain under pressure during the week and declined to a weekly low of 53,785.70, before witnessing strong buying interest at lower levels. Bank Nifty recovered nearly 1,350 points from the weekly low, but later consolidated and eventually closed at 54,450.75, down by 1,129.65 points (-2.03%).

The weekly price action remained weak, with the index extending its decline for the fourth consecutive week. Despite a sharp recovery from the weekly low, Bank Nifty failed to sustain higher levels and remained below the key 50-week EMA, keeping the broader technical structure cautious. The Weekly RSI stands at 38.33, remaining below the neutral 50 level and indicating continued weakness in momentum, although it has moved away from the oversold zone.

Sector-wise, weakness was more pronounced in PSU Banks, with the CNX PSU Bank Index declining around 4.3% after breaking below its weekly trendline support. In comparison, the Nifty Private Bank Index declined only around 0.70%, highlighting relatively higher pressure in PSU banking stocks. On a monthly basis, Bank Nifty declined around 3,391.90 points (-5.85%) in September 2026, reflecting sustained selling pressure.

Going ahead, the index is likely to remain in a sideways to bearish phase unless it manages to reclaim the immediate resistance zone. Holding the 53,700–54,000 support area would be crucial for

stabilisation, while a sustained move above 55,400–56,000 could improve the near-term structure and support a recovery.

Support: 53,700–54,000

Resistance: 55,400–56,000

Overall Bias: Sideways to Bearish

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