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Market Closing Commentary

 Indian benchmark indices traded in a very narrow range throughout the session and managed to hold above key support levels, ending the day with marginal gains. Market participants remained cautious amid the weekly Sensex expiry, while stable geopolitical developments and Brent crude oil prices hovering around the $80 per barrel mark kept overall investor sentiment steady. At close, the Nifty 50 gained 0.05% to settle at 24,636, while the Sensex advanced 0.48% to close at 78,954.

On the sectoral front, Nifty PSU Bank and Chemicals emerged as the top-performing sectors, witnessing sustained buying interest throughout the session. On the other hand, Nifty Media and Auto remained the key laggards, as selective profit booking weighed on these sectors. The broader market delivered a mixed performance. The Nifty Midcap 100 index declined 0.44%, while the Nifty Small cap 100 index gained 0.48%, continuing to trade near its all-time high and highlighting sustained investor interest in the small cap segment.

Nifty Outlook

Nifty traded in a narrow range on the weekly Sensex expiry, remaining largely confined within the previous session's range and forming an Inside Bar candle on the daily chart. This reflects market indecision, with a decisive breakout on either side likely to determine the next directional move.

The index continues to hold above the breakout zone of the three-month triangular pattern, indicating that the recent consolidation is more of a healthy pause after a sharp rally rather than broad-based profit booking. This price behavior suggests underlying strength and keeps the medium-term upside objective of 25,000–25,200 intact.

After rallying nearly 1,150 points from 23,606 to around 24,770 in just seven sessions, Nifty has spent the last three sessions consolidating at higher levels. Such time-wise consolidation after a strong advance is constructive, as it helps absorb supply before the next leg of the uptrend. Any dip during this phase should be viewed as an opportunity to accumulate quality stocks in a staggered manner.

On the downside, 24,400–24,500 remains the immediate support zone. Holding above this range could lead to a pullback towards 24,720 and 24,800 in the coming sessions. Below this, the key short-term support is placed at 24,250–24,300, which coincides with the confluence of the 20-day and 50-day EMAs .

Bank Nifty Outlook

Bank Nifty extended its positive momentum by forming a bullish candle, continuing to maintain a higher high–higher low structure on the daily chart. The index also closed above the previous session's high, indicating buying interest and a positive bias for the coming sessions.

The index has been consolidating within the broader 56,500–58,700 range over the past several weeks. This consolidation appears to be a healthy pause within the ongoing uptrend. A decisive breakout above 58,700 would confirm the next leg of the rally, with upside potential towards 59,300 and 60,000. Until such a breakout occurs, the index is likely to witness range-bound action with stock-specific opportunities.

On the downside, 57,700 (Thursday’s low) remains the immediate support level, followed by the 57,000–56,800 zone, which is expected to provide a strong cushion. On the upside, 58,300–58,700 remains the immediate resistance band, and a sustained move above 58,700 would reinforce the bullish trend and trigger further upside momentum.

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