The markets traded with a distinct negative bias throughout the short trading week, with sustained selling pressure and a moderately weak close. After attempting to stabilise at higher levels early in the week, Nifty gradually drifted lower and breached key short-term supports. It oscillated in a range of 758 points before closing near the lower end of the range.

Volatility cooled off, with India VIX dropping by ~4.78% on a weekly basis, reflecting increased nervousness amid global uncertainties. Nifty ended the week with a minor net loss of 106.50 points (-0.47%)

From a structural standpoint, the index has violated an important support zone and slipped below its recent consolidation base, indicating a short-term deterioration in trend. The price continues to trade below the 50-week and the 100+week moving average and is now approaching a critical confluence support zone near 21,700, which coincides with the 200-week moving average and a major pattern support. This makes the current setup technically crucial.

While the broader trend remains relatively stable for now and a technical rebound cannot be ruled out with the slightest trigger, the ongoing weakness suggests that any further breach below 21,700 may trigger an extended corrective phase. External factors such as persistent geopolitical tensions in the Middle East and rising crude oil prices continue to pose risks and may keep sentiment fragile, even though relative outperformance by Indian equities may persist.

For the coming week, markets are likely to begin on a cautious note with a negative undertone. Immediate resistance levels are placed at 23,000 and 23,250, while supports come in at 22,480 and 22,000. A sustained move below 22,000 will increase the probability of testing the 21,700 zone sooner rather than later.
The weekly RSI stands at 26.49, placing it in the oversold territory. It has formed a new 14- period low; however, it stays neutral and does not show any divergence against the price. The MACD remains below its signal line and continues to stay in negative territory, reinforcing the prevailing bearish momentum.
Pattern analysis shows that Nifty has continued drifting lower but is attempting to show resilience at lower levels on relative terms. The price is currently tracking the lower Bollinger band. The index is now testing lower supports while staying below key moving averages like the 50-week MA and the 100-week MA. The long-term structure remains intact as long as the 200-week MA (~21,700) is protected, but the near-term technical damage is evident.
Given the current setup, the approach for the coming week should remain cautious and defence-oriented. Traders should avoid aggressive fresh buying until signs of stabilisation emerge near key support zones. Emphasis should be placed on protecting existing gains and adopting a highly selective, stock-specific approach.

Any pullbacks toward resistance levels should be used to lighten positions rather than initiate fresh exposure. Overall, a guarded and risk-managed strategy is recommended while closely monitoring the behaviour around the 21,700 support zone.

The Relative Rotation Graph (RRG) shows that the Nifty Pharma, PSE, Infrastructure, Metal, and Energy groups are inside the leading quadrant. The Nifty Midcap 100 Index has also rolled inside the leading quadrant. The Metal Index is sharply losing its relative momentum; however, these groups are likely to relatively outperform the broader Nifty 500 Index.

The Nifty 500 Index has rolled inside the weakening quadrant. The Nifty Auto, PSU Banks, and Nifty Bank Index are also inside this quadrant. These groups will see a continued slowdown in their relative performance.

The Nifty Services Sector and the IT Index are seen languishing inside the lagging quadrant; they may see themselves underperforming the broader markets relatively. The Realty Index is also inside the lagging quadrant. However, it is seen as improving on its relative momentum.

The Nifty FMCG Index and the Media Index are inside the improving quadrant. We may see these sectors slightly improving their relative performance against the broader markets. Important Note: RRGTM charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.

Milan Vaishnav, CMT, MSTA, is a Consulting Technical Analyst and founder of EquityResearch.asia and ChartWizard.ae and is based in Vadodara. He can be reached at milan.vaishnav@equityresearch.asia

HDFC Bank, India’s largest private lender, reported its fourth-quarter business update on Saturday. The lender’s exchange filing showed that its average advances under management stood at Rs 29.64 lakh crore for the March 2026 quarter, marking a growth of around 10% compared to Rs 26.96 lakh crore in the corresponding period last year.

The bank’s period-end advances under management were approximately Rs 30.58 lakh crore as of March 31, 2026, up 10.2% from Rs 27.73 lakh crore a year ago. Meanwhile, period-end gross advances aggregated to about Rs 29.60 lakh crore, reflecting a growth of 12.0% over Rs 26.44 lakh crore as of March 31, 2025.

On the liabilities side, the bank’s average deposits stood at Rs 28.51 lakh crore in the March 2026 quarter, registering a growth of 12.8% compared to Rs 25.28 lakh crore in the year-ago period.

Within this, average CASA deposits were Rs 9.18 lakh crore, up 10.8% from Rs 8.29 lakh crore, while average time deposits came in at Rs 19.33 lakh crore, growing 13.7% from Rs 16.99 lakh crore.

The bank’s period-end total deposits were approximately Rs 31.06 lakh crore as of March 31, 2026, rising 14.4% from Rs 27.15 lakh crore a year earlier.

Period-end CASA deposits stood at around Rs 10.61 lakh crore, up 12.3% from Rs 9.45 lakh crore, while period-end time deposits were approximately Rs 20.45 lakh crore, registering a growth of 15.5% over Rs 17.70 lakh crore as of March 31, 2025.
Also read: Sobha Q4 biz update: Sales rise 11% YoY to Rs 2,039 crore as company closes FY26 with record figures

Shares of HDFC Bank have remained in focus following a leadership change at the top. Last month, the bank’s part-time Chairman and independent director, Atanu Chakraborty, resigned, citing that certain developments and practices within the bank over the past two years did not align with his personal values and ethics. “This is the basis of my aforementioned decision,” he said. Following the development, the stock has come under pressure, declining nearly 25% since the start of the year.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Barclays is charting a decisive U-turn on the high street, with plans to open new branches across the country and reinstate the once-familiar “bank manager” job title, a move that signals a broader rethink of how Britain’s traditional lenders compete in an increasingly digital age.

Vim Maru, who has led Barclays UK since 2024, told Business Matters that the bank intended to grow its branch network beyond the current 206 outlets, having already paused a closure programme that saw roughly 80 per cent of its branches shut since 2019. One of his first acts after taking charge was to halt the cull, and he is now pressing ahead with expansion, though he declined to put a precise figure on how many new sites would open.

The shift comes as digital-only challengers such as Revolut and Wise make increasingly aggressive moves into the current-account market, threatening the established banks’ grip on everyday consumer banking. Rather than trying to outpace them on technology alone, Maru is placing his chips on a blend of slick digital services and genuine, in-person support, what he described as the winning formula for modern banking.

He was characteristically blunt about the shortcomings of purely automated customer service. Barclays customers, he insisted, would not find themselves trapped in an endless loop with a chatbot when they needed real help. The bank has also quietly reintroduced traditional role titles, so that customers walking through the door can once again ask to speak to the branch or bank manager.

Maru stopped short of conceding that Barclays had been too aggressive in its earlier round of closures, but acknowledged that the bank needed to reassess how it served its customers every few years. The new branches will sit alongside the shared banking hubs operated through the Post Office, rather than replace them.

Beyond the branch network, Barclays is pursuing growth on several fronts. The bank reported a record number of mortgage applications last year, with processing times slashed from 45 minutes to just 15 thanks to technology improvements that have proved popular with brokers. Its acquisition of the Tesco credit card business in 2024 and Kensington Mortgages, which has doubled in size since Barclays bought it in May 2023, have broadened the division’s reach considerably.

Artificial intelligence is also being deployed to streamline internal processes, though Maru was cautious about the workforce implications. He drew a parallel with the introduction of ATMs, noting that while the machines were expected to eliminate cashier roles, the subsequent rise in fraud and scams meant staff were redeployed rather than made redundant.

On the broader economy, Maru offered a measured reading from the bank’s unique vantage point. Consumer spending has shown resilience, with hospitality holding up well despite a period of heightened anxiety following the outbreak of the Iran conflict. In the opening days of the war, there was a noticeable surge in fuel purchases as motorists rushed to fill up ahead of expected price rises, though spending patterns quickly normalised.

With Barclays chief executive CS Venkatakrishnan having committed to investing £30 billion more in the UK between 2024 and this year, and despite persistent speculation about possible acquisitions of the likes of Santander UK or TSB, Maru said his priority remained organic growth. The bank, he maintained, already had strong momentum — and a renewed high street presence to match.

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