Weekly Technical Outlook and Picks 28th September 2026 by Axis Securities Ltd
Nifty 50 Index
• During the week, the Nifty made multiple attempts to break above the 23,500 mark but failed to sustain gains. The index eventually settled at 23,141, recording a weekly loss of 206 points.
• The index has been forming a lowerlow, lower-high pattern for the seventh consecutive week, a pattern last observed between Feb and Mar’20 during the COVID-19-induced sell-off.
• The weekly RSI is trending lower toward the oversold zone, indicating a strengthening bearish momentum.
• Technically, immediate support lies at 23,000. A decisive breakdown below this level would be a major red flag, potentially dragging the index lower toward 22,800.
• On the upside, immediate resistance is positioned at 23,500. A sustained breakout above this mark could propel the index higher toward 23,800.
• Overall, the index appears to be under pressure, with price action around the 23,000 mark likely to be crucial. A decisive break below this level could raise concerns of further downside and push the index lower. On the upside, we expect gains to remain capped unless the index sustains a move above the 23,300 zone.
Bank Nifty Index
• Bank Nifty started the week on a flat note, but witnessed strong selling pressure near the 20-week SMA. Eventually, the index ended the week at 55,580 with a loss of 778 points.
• On the weekly chart, the index has breached the lower boundary of its multi-week consolidation range and subsequently drifted lower.
• The weekly Relative Strength Index (RSI) is trading below its reference line and continues to move lower, indicating strengthening bearish momentum in the banking index.
• Technically, the immediate resistance is placed near 56,000-56,200; a break above this level could pave the way towards 56,600 and 56,800.
• On the downside, immediate support is placed near 55,300. A breach below this level could trigger another leg of the sell-off and push the index lower toward the 55,000–54,800 zone
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