Market Commentary (closing) for 06th July 2026 by Bajaj Broking
Market Closing Commentary
Indian benchmark indices extended their gains and closed near the day's high, supported by short covering and sustained buying interest in heavyweight constituents. Positive momentum across the broader market, coupled with healthy investor participation, helped the benchmark indices continue their recent winning streak. At close, the Nifty 50 gained 0.66% to settle at 24,430, while the Sensex advanced 0.67% to close at 78,285.
On the sectoral front, Nifty Realty, Consumer Durables, and Auto emerged as the top-performing sectors, witnessing strong buying interest throughout the session. On the other hand, Nifty Media and PSU Banks remained the key laggards, as selective profit booking weighed on these sectors. The broader market also remained firmly in positive territory, reflecting broad-based participation. The Nifty Midcap 100 index gained 0.45%, while the Nifty Small cap 100 index outperformed with a 0.75% rise, indicating continued strength in the broader market.
Nifty Outlook
Nifty extended its gains for the fourth consecutive session, closing above Friday's high and reinforcing its positive momentum. The index formed a bullish candlestick while maintaining a higher high–higher low structure, indicating that the uptrend remains intact. The index continues to trade comfortably above its previous week's high and the 20-day and 50-day EMAs, highlighting sustained strength.
For the coming session, the 24,252–24,287 zone (last two sessions' lows) will act as immediate support. Holding above this zone is likely to extend the upmove towards 24,600–24,752.
A decisive move above 24,482 could accelerate gains towards 24,600–24,752, which coincides with the April swing high and the 61.8% Fibonacci retracement of the decline from 26,314 to 22,182.
Intraday Levels for Nifty
- Resistance: 24,600 & 24,752
- Support: 24,287 & 24,200
Bank Nifty Outlook
Bank Nifty formed a small bullish candle with a small wick, indicating consolidation near the 58, zone amid stock-specific action. A decisive move above the recent swing high of 58,700 will strengthen the bullish setup and can pave the way for an advance towards 59,200 and 60,000 in the coming weeks, which coincide with the 138.2% and 150% external retracement of the previous decline from 57,456 to 52,783.
On the downside, the index has witnessed buying interest around the 57,000–57,500 zone, with the lows of the last three weeks placed in this range, making it a crucial short-term support area. As long as this zone remains intact, the broader positive structure is expected to continue. A failure to sustain above 58,700 may keep the index consolidating within the 57,000–58,700 range. The overall trend remains constructive, and the ongoing consolidation should be viewed as an opportunity to accumulate quality banking stocks in a staggered manner for the next leg of the upmove.
Bank Nifty Intraday Levels
- Resistance: 58,500 & 58,700
- Support: 57,500 & 57,000
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