Makemyinvest Tradesting Newsletter
Weekly Learning & Market Insights – Issue #023
​10 Oct 2026

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Direction • Decision • Discipline

Sector Spotlight

The Week That Moved Markets

Tata Consultancy Services

• Reported Q2 FY27 revenue of ₹73,188 crore, up 11.2% year-on-year, while net profit increased 15% to ₹13,884 crore. The results opened the September-quarter earnings season and brought IT-sector demand and margins into focus.

NCC

• Secured a ₹1,286 crore contract from Hyderabad Growth Corridor Limited to construct a radial road in Telangana, strengthening its infrastructure order book.

SEPC

• Won an ₹854.57 crore contract from SAIL for work at the IISCO Steel Plant in Burnpur, taking its total order book above ₹10,000 crore.

Dilip Buildcon

• Secured an approximately ₹1,800 crore project from the Petroleum and Natural Gas Regulatory Board for an LPG pipeline connecting Paradip and Raipur, adding to its infrastructure execution pipeline.

PTC Industries

• Launched a qualified institutional placement to raise up to ₹1,800 crore, providing additional capital for its aerospace, defence and advanced-manufacturing businesses.

L&T

• Secured major power-transmission and distribution orders across India and the Middle East, including projects in Saudi Arabia and the UAE, supporting its international infrastructure business.

Dr. Reddy’s Laboratories

• Received two observations following a US FDA inspection of its Andhra Pradesh facility. The development keeps regulatory compliance and manufacturing quality in focus for the pharmaceutical sector.

JSW Steel

• Reported a 5% year-on-year increase in consolidated crude-steel production to 7.27 million tonnes in Q2 FY27, reflecting continued activity across its steel operations.

Reliance Industries

• Received partial relief from the Delhi High Court in the dispute over the use of the term “energy drink” on high-caffeine beverage labels, allowing existing labelled inventory to continue being sold while restrictions apply to newly manufactured products.

PACE Digitek

• Secured a significant project order, adding to its business pipeline in digital infrastructure and related technology solutions.

Ashoka Buildcon

• Received a letter of acceptance from North Eastern Railway for a project worth approximately ₹290 crore, adding to its railway-infrastructure order book.

Waaree Renewable Technologies

• Remained in focus following fresh project and business developments in the renewable-energy sector, as investors tracked order inflows and execution across solar infrastructure.

HCLTech

• Announced technology-sector developments alongside the broader IT earnings cycle, keeping enterprise technology spending, AI adoption and demand visibility in focus.

ITC

• Shares rose sharply during Friday’s market rebound amid heavy trading activity and a reported large institutional stake transaction, bringing the stock back into focus among major consumer-sector companies.

🌍 Major Global Developments This Week

US–Iran Conflict

• Renewed attacks on oil tankers and regional infrastructure intensified concerns about energy supplies and shipping security, keeping geopolitical risk elevated across global markets.

Strait of Hormuz

• Attacks on vessels threatened the recovery in Middle Eastern oil exports, with shipping volumes facing renewed disruption and tanker insurance and freight costs remaining elevated.

US–Russia Energy Relations

• The United States announced an arrangement for additional Russian diesel supplies amid domestic fuel-price pressures, highlighting how energy shortages are reshaping international trade and sanctions-related policy.

US Treasury Yields

• US government bond yields remained near multi-decade highs as markets assessed inflation risks, government borrowing requirements and the outlook for monetary policy.

European Fiscal Concerns

• French budget uncertainty and rising government borrowing costs kept European bond markets under pressure, increasing attention on fiscal sustainability and its potential implications for European equities and the euro.

Global Technology and AI Investment

• Demand for AI infrastructure and semiconductor-related products continued to support technology-sector activity, keeping data centres, computing equipment and digital infrastructure important themes for global markets.

🏛️ Economic & Policy Developments

Reserve Bank of India

• The RBI raised the repo rate by 25 basis points to 5.50%, its first increase since February 2023, and shifted its policy stance to calibrated tightening in response to rising inflation risks.

RBI Inflation and Growth Outlook

• The RBI raised its FY27 inflation forecast to 5.2% while increasing its GDP growth projection to 7.1%, reflecting the challenge of balancing persistent price pressures with resilient economic activity.

RBI Liquidity Measures

• Announced additional government-bond sales worth ₹25,000 crore and tighter daily cash-reserve requirements for banks, signalling a further withdrawal of surplus banking-system liquidity.

India Manufacturing Activity

• Manufacturing PMI rose to 55.1 in September from 52.8 in August, indicating continued expansion, although the reading came in below market expectations.

India Services Activity

• Services PMI increased to 55.2 in September from 54.1 in August, supported by domestic demand, although weaker export momentum and softer hiring moderated the broader outlook.

India Foreign Institutional Flows

• Foreign investors continued withdrawing funds from listed Indian equities, while domestic institutional investors remained an important source of market support, highlighting the divergence between foreign and domestic flows.

🛢️ Commodities & Currency Developments

Crude Oil

• Brent crude traded above $105 per barrel during the week amid renewed attacks on shipping near the Strait of Hormuz, before easing toward $103–105 as diplomatic signals reduced some immediate concerns.

Natural Gas

• Natural-gas markets remained sensitive to Middle East shipping disruptions and changing supply expectations, with the risk of constrained LNG flows adding uncertainty to international energy prices.

Gold

• Gold faced pressure from elevated US Treasury yields and a firm dollar earlier in the week, before recovering as crude prices eased and investors reassessed geopolitical risks.

Silver

• Silver experienced sharp volatility alongside gold, with higher yields and tighter monetary conditions weighing on prices before a late-week recovery in precious metals.

US Dollar Index

• The dollar remained relatively firm amid elevated US bond yields and global uncertainty, although falling oil prices late in the week reduced some demand for the currency as a defensive asset.

Indian Rupee

• The rupee weakened toward ₹96.78 per dollar as elevated crude prices and foreign portfolio outflows increased pressure on the currency, reinforcing concerns over imported inflation and external-sector costs.

Why It Matters

• The RBI has shifted toward tighter monetary policy.Higher interest rates and reduced banking liquidity could affect borrowing costs, credit growth and equity-market valuations.
• Crude oil remains a major risk for India.Disruptions around the Strait of Hormuz could increase inflation, pressure the rupee and raise input costs for energy-intensive industries.
• Foreign selling and domestic buying are creating divergent market flows.Institutional positioning remains important for understanding market breadth and the behaviour of individual sectors.
• The September-quarter earnings season is underway.IT results, manufacturing updates and infrastructure order wins are providing fresh information on corporate demand and execution.
• Global bond yields and geopolitical uncertainty remain key market drivers.Their combined influence on currencies, commodities and financing costs is keeping the outlook sensitive to incoming economic and policy developments.

Concept of the Week

Bollinger Band Squeeze

Definition

A Bollinger Band Squeezeoccurs when the upper and lower Bollinger Bands move closer together, indicating that recent price volatility has contracted.

It suggests the market is experiencing a period of relatively low volatility, which may be followed by a larger price move. However, the squeeze alone does not predict the direction of the breakout.

How It Works

Bollinger Bands consist of three lines:

• Middle Band:Usually a 20-period Simple Moving Average (SMA).
• Upper Band:Middle Band + 2 standard deviations.
• Lower Band:Middle Band − 2 standard deviations.

During a squeeze:

• The distance between the upper and lower bands narrows.
• Price may consolidate within a relatively tight range.
• Traders watch for a breakout accompanied by supporting price action and volume.
• The breakout may occur in either direction.

Example — NIFTY

Suppose NIFTY is consolidating around 25,000.

Illustrative market setup — not live data

Phase 1: Bands Contract

NIFTY trades between 24,900 and 25,100 as volatility declines.

Phase 2: Bullish Breakout

NIFTY closes above 25,100 with stronger volume, suggesting a possible upward expansion.

Phase 3: Risk Management

A move back below the breakout zone may indicate a failed breakout. Define risk before entering.

Why It Matters

The Bollinger Band Squeeze can help traders:

• Identify periods of low volatility before potential expansion.
• Prepare for a possible breakout rather than chase a move after it happens.
• Combine volatility analysis with support, resistance and volume.
• Recognise when a market may be transitioning from consolidation to a trending phase.

Common Mistake

A squeeze does not guarantee a big move or a profitable trade.

False breakouts are common. In options trading, a volatility expansion may benefit some long-option positions, but profits are not guaranteed because the premium also depends on direction, time decay, implied volatility and the price paid.

Key Takeaway

Pro Tip

Combine the squeeze with a clearly defined consolidation range, a candle close beyond that range, and volume confirmation where available. Consider waiting for a retest if it fits your trading plan, and always define your stop-loss and position size before entering.

Community Win

Wisdom of the Week

Learning Takeaway

Returns are uncertain, but risk can be examined and managed. Chasing profits without understanding potential losses can undermine long-term wealth creation.

Action lesson: Before focusing on how much you could gain, identify what could go wrong and how you would manage it.

My Content of This Week

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​YouTube Video Link​

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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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