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Market Closing Commentary

The Indian benchmark indices snapped its 4 sessions winning streak and ended on a weaker note on October 8th with the Nifty settling near the 25,050 marks. Going forward, while global cues will remain influential, market focus is expected to shift toward domestic earnings, key macroeconomic indicators, and the festive season momentum. At the close, the Sensex declined 153.09 points, or 0.19%, to 81,773.66, while the Nifty slipped 62.15 points, or 0.25%, to 25,046.15. Across sectors, barring IT, all indices finished in the red, with notable weakness seen in Realty, Telecom, Pharma, Oil & Gas, Media, PSU Bank, and Auto, which fell between 0.2% and 2%. Broader markets also witnessed selling pressure, with the Midcap index declining 0.73% and the Small-cap index shedding 0.52%, underscoring broader market weakness.

Nifty Outlook

The index in the daily chart formed a small bearish candle with shadows in either direction signaling consolidation after a 600-point rally over the preceding four sessions. Going ahead, index is likely to consolidate in the range of 25,200–24,800 thus forming a base after the recent up move. On the higher side only a move above Tuesday’s high of 25,220 would open further upside towards 25,400–25,500 in the coming week being the trendline resistance connecting the major highs of June and September 2025. On the downside support is placed at 24,800-24,900 levels being the confluence of the 20- & 50-day EMA and the 61.8% retracement of the last up move (24,588-25,220).  

Bank Nifty Outlook

 Bank Nifty formed a high wave candle with a small real body and shadows in either direction signaling consolidation amid stock specific action after more than 2300 up move in the last 6 sessions. Going ahead, index is likely to consolidate in the range of 56,500-55,500 thus forming a base after the recent up move. On the higher side only a move above Tuesday’s high of 56500 would open further upside towards the all-time high of 57,300-57,600 in the coming week. On the downside support is placed at 55,500-55,000 levels being the confluence of the 20- & 50-days EMA and the 61.8% retracement of the last up move (54,227-56,502). We believe bias remain positive and dips should be used as a buying opportunity.

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