Nifty logged a sharp weekly decline of ~2.65%, ending at 24,654.7 on Friday, 26 Sep 2025, amid heavy selling in IT & Pharma after fresh US tariff headlines and continued FII outflows. Broader markets underperformed with Midcap/Smallcap down ~4.6%/5.1% for the week.

Flows & breadth: FIIs were net sellers ~₹19,570 cr over the last 7 trading days while DIIs bought ~₹17,411 cr—supporting the index on dips but not enough to offset global risk-off.

Vol & sentiment: The options PCR slipped to 0.68 on Sep 25, reflecting cautious sentiment into Friday’s selloff

Sectors (weekly): IT and Pharma led the decline; Metals and PSU Banks were also weak; FMCG was relatively resilient but still lower.

Positive stocks (notables): L&T, Tata Motors, ITC were among the few NIFTY50 gainers on Friday; on a volatile week they held better relative strength.

Underperformers: IndusInd Bank, M&M, Tata Steel were among the larger NIFTY50 losers into the weekly close.

NIFTY UPCOMING WEEK

• Price reversed intraday multiple times near 24,600–24,700, but indicators remain neutral-to-weak with the index below its 20 & 50-DMA (no strong trend confirmation yet).
• Range to watch: 24,300–25,000.
• Levels: 24,400–24,450 is the immediate support zone (near 200-DEMA region on many desks); a decisive break opens 24,050–24,150. On the upside, 24,850–25,000 is stiff resistance; above that, 25,200–25,300.

BANKNIFTY

• Weak but trying to base; weekly momentum turned mildly negative with financials participating in the broad decline. Support: 51,800–52,200 zone. Upside: If sentiment stabilizes, 53,800 → 54,500 is the first supply area; strength above 54,800 would brighten prospects for 55,500

Option Data Analysis (Index)

• Max OI (nearby weekly, 30 Sep expiry): Several broker dashboards show Max Call OI ≈ 25,000 and Max Put OI ≈ 25,000, marking that strike as the key “battle line.
• Heavy activity clustered around 24,650 Puts and 24,900 Calls on NSE’s “Most Active Contracts.

NEWS & IMPACT

• US imposes up to 100% tariffs on branded/patented drugs (effective Oct 1): Triggered a sharp selloff in Pharma; weighed on risk sentiment broadly.
• H-1B visa fee hike in the US (last week): Added pressure to IT along with weak global IT commentary.
• FPI flows: September continues to see net FPI selling in Indian equities (₹7,945 cr as of this week), though some houses (HSBC) upgraded India to Overweight on a forward view.
• Derivatives market changes: NIFTY weekly expiry now Tuesday; Bank Nifty quantity freeze limit raised to 900 (operational tweak for large orders).

Commodity & Currency

USD/INR:

• Spot/Fut context: USDINR ~863) at Friday close.
• Levels: Support 86; Resistance 89. Overall trend positive.

Crude Oil:

• Range upper band of the envelope near 66 downside swing support at 62 – 61.5
• Bounces likely face supply near $70–71.

Gold (India):

• Gold ends 113700 aprox on Friday continuing uptrend last week.

Levels: Support ₹ 105000-102000; higher prices are major led by geo-political stress and trade tariff uncertainty. Govt treasury and institution leading demand for Gold during during tariff war.