Makemyinvest Tradesting Newsletter
Weekly Learning & Market Insights – Issue #021
​26 Sep 2026

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Direction • Decision • Discipline

Sector Spotlight

The Week That Moved Markets

Persistent Systems

• Acquired an additional 61.15% stake in Nagarro through a voluntary public takeover offer, taking its total holding to 83.25% and strengthening its plans to delist the German IT company.

IRB Infrastructure Developers

• Approved plans to monetise non-core land assets through phased development of around 350 acres in Pune and redevelopment of a land parcel in Mumbai.

Kalpataru Projects International

• Secured new orders worth about ₹2,025 crore across domestic and international markets, strengthening its transmission, distribution and infrastructure order pipeline.

Dr Lal PathLabs

• Approved the acquisition of a 70% stake in Gujarat-based SN Genelab for up to ₹168 crore, with the transaction expected to expand its diagnostic-services network.

Waaree Energies

• Entered the specialty-gases business through a subsidiary, targeting semiconductor and solar-cell manufacturers and expanding its presence across the clean-energy supply chain.

L&T Technology Services

• Entered into a strategic partnership with Cognite to develop industrial AI and data solutions for asset-intensive industries, expanding its engineering and digital-transformation offerings.

Wheels India

• Opened a qualified institutional placement with a floor price of ₹2,197.10 per share, providing a fresh institutional fundraising route for the auto-component manufacturer.

Inox Green Energy Services

• Launched a QIP with a floor price of ₹174.36 per share, providing additional capital-raising capacity for its renewable-energy operations.

Minda Corporation

• Approved plans to raise up to ₹500 crore through listed non-convertible debentures and also approved the incorporation of a wholly owned subsidiary in China.

SAIL

• Signed an MoU with Bharat Coking Coal to jointly develop and operate coal blocks, supporting greater integration of raw-material resources for the steel business.

Bharat Dynamics

• Received a fresh defence-related order, keeping the company in focus amid continued government spending and procurement activity across the defence sector.

Nykaa

• Partnered with L’Oréal’s corporate venture capital arm to jointly invest in high-growth Indian beauty and personal-care brands, strengthening its focus on the expanding beauty ecosystem.

🌍 Major Global Developments This Week

US–China Trade Relations

• US President Donald Trump and Chinese President Xi Jinping met in Washington, while both sides agreed to extend their existing trade truce by two months, keeping tariff and supply-chain uncertainty in focus.

US–Iran Conflict

• Diplomatic discussions between the US and Iran increased during the week, including discussions around a possible phased reopening of the Strait of Hormuz, although geopolitical risks remained elevated.

Strait of Hormuz

• Disruptions to shipping through the Strait continued to affect global energy markets, while renewed attacks on Saudi infrastructure added fresh concerns over crude-supply routes and regional energy security.

Saudi Oil Infrastructure

• Houthi attacks on Saudi targets revived concerns over crude transportation and regional supply disruptions, pushing Brent crude above $106 per barrel before diplomatic developments moderated some of the gains.

Global Bond Markets

• US Treasury yields remained elevated, with the 10-year yield reaching around 5.18% and the 30-year yield approaching 5.47%, keeping global borrowing costs and equity valuations under pressure.

China Currency Policy

• The Chinese yuan strengthened to its highest level against the US dollar in more than three years as the central bank allowed greater currency appreciation ahead of the Trump-Xi summit.

🏛️ Economic & Policy Developments

US Federal Reserve

• The Federal Reserve raised its benchmark interest-rate range by 25 basis points to 3.75%–4.00%, marking its first rate increase since 2023 as inflationary pressures remained elevated.

US Interest Rates

• Expectations of additional monetary tightening kept US Treasury yields elevated, with the 10-year yield rising above 5% during the week and financial markets closely tracking inflation and rate signals.

India RBI Liquidity Management

• The RBI continued withdrawing surplus banking-system liquidity through government-bond sales, with total planned open-market sales reaching ₹1 lakh crore as excess liquidity fell sharply during the week.

India Monetary Policy Expectations

• Higher crude prices, a weaker rupee and elevated inflation pressures increased attention on the RBI’s future policy stance, while tighter liquidity pushed short-term money-market rates closer to the policy rate.

Insurance Distribution Rules

• IRDAI proposed changes to insurance-distribution remuneration, including tighter controls on commissions and provisions linked to mis-selling, triggering significant market attention across insurance companies, banks and financial distributors.

India Private Investment

• RBI data indicated that private-sector investment intentions remained resilient, with proposed project costs rising and planned capital expenditure expected to remain significant during FY27.

🛢️ Commodities & Currency Developments

Crude Oil

• Brent crude remained above $100 per barrel for a second consecutive week as Middle East supply risks persisted, with prices moving sharply between $105 and $108 amid changing expectations around US-Iran diplomacy.

Natural Gas

• US natural-gas prices remained volatile during the week, with pipeline disruptions and changing weather expectations influencing the balance between supply availability and seasonal demand.

Gold

• Gold declined about 2% during the week as expectations of further US rate increases and a relatively firm dollar reduced demand for non-yielding assets, despite continued geopolitical uncertainty.

Silver

• Silver declined around 3.7% during the week, with higher US yields and expectations of tighter monetary policy weighing on precious-metal prices.

US Dollar Index

• The dollar index remained firm around the 101 level as higher US yields and expectations of additional rate increases supported the currency, although it eased toward the end of the week.

Indian Rupee

• The rupee remained under pressure near the ₹95–₹96 per dollar zone as elevated crude prices increased import costs, while RBI intervention and portfolio flows helped contain volatility.

Why It Matters

• Crude oil remains the key macro variable, with Middle East disruptions keeping inflation and import-cost concerns elevated for India.
• Higher global interest rates and bond yields are tightening financial conditions, making liquidity, borrowing costs and currency movements important market factors.
• Insurance-sector regulatory changes have created a fresh stock-specific theme, particularly for insurers, banks and insurance distributors.
• Corporate activity remains strong across IT, infrastructure, renewable energy, healthcare and manufacturing, with acquisitions, QIPs and new orders driving company-specific developments.
• US–China trade relations and Middle East diplomacy remain important global market themes, particularly for commodities, supply chains, currencies and investor sentiment.

Concept of the Week

Volume Profile

Definition

Volume Profile is a technical-analysis tool that shows how much trading volume occurred at different price levels, rather than simply showing volume over time.

It helps identify the prices where the market has seen the most participation.

How It Works

• POC (Point of Control): Price level with the highest traded volume.
• Value Area: The price range containing a large portion of the period's traded volume.
• HVN (High Volume Node): Price area where significant trading activity occurred.
• LVN (Low Volume Node): Price area with relatively little trading activity.

Unlike a normal volume bar, Volume Profile answers:

Example — NIFTY

Suppose NIFTY trades between 24,800 and 25,300.

A Volume Profile shows:

• POC: 25,050
• High volume around 24,950–25,100
• Very low volume around 25,200

This suggests 25,050 was an important area of market participation.

If NIFTY later returns to this zone, traders may watch how price behaves around it.

Why It Matters

Volume Profile can help identify:

• Potential support and resistance zones
• Areas of strong market acceptance
• Areas where price may move quickly because relatively little trading occurred
• Important levels for planning entries and exits

Common Mistake

High volume at a price level does not automatically mean support.

It simply tells you that substantial trading occurred there. Whether that level acts as support or resistance depends on future price action.

Key Takeaway

Pro Tip

When analysing NIFTY, don't focus only on yesterday's high and low. Look at high-volume price areas and observe whether price is being accepted or rejected around them.
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Community Win

Research Performance

Wisdom of the Week

Learning Takeaway

• In the short run, prices can be driven by sentiment, narratives, and crowd psychology.
  Over time, business fundamentals tend to have greater influence on value.Action lesson: Don’t confuse popularity with quality—keep measuring the underlying business, not just its market price.

My Content of This Week

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​YouTube Video Link​

Book I Am Reading and Recommend

Keep Learning. Keep Tradesting!!! 🚀

Cheers,
​Tapas Chandra
​SEBI Registered Research Analyst | INH000026381
PGP (Research Analysis) | CMT Level-3 |
Author – Invest or Regret & The Power of Tradesting | Ex-JPMorgan Chase

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