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Below the Market Commentary (closing) for 09 November 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking 

Market Closing Commentary

Indian benchmark indices witnessed a volatile and choppy session amid weekly Nifty expiry, with intermittent profit booking following a sharp rally over the previous seven sessions. However, markets managed to close in positive territory on November 9, supported by rupee appreciation, crude oil trading below $100 and sustained FII inflows.

At the close, the Sensex gained 107.25 points (0.13%) to settle at 81,106.65, while the Nifty advanced 58.25 points (0.23%) to close at 25,044.65, indicating resilience despite intraday volatility.

Sectoral performance remained mixed, with strong buying interest in Nifty PSU Banks, Pharma and Healthcare, while Nifty IT, Metals and FMCG witnessed selling pressure and emerged as key laggards.

Broader market performance remained largely in line with benchmark indices, with the Nifty Midcap index gaining 0.55%, while the Nifty Small cap index ended marginally higher by 0.10%.

Nifty Outlook

Index formed a small bearish candle with a long lower shadow signaling consolidation amid stock specific action as the Nifty consolidated around the 25,000 levels after the recent strong 11% rally in the last 2 weeks.  

As mentioned in earlier edition key observation on the weekly chart is that the index has completely retraced its 9 weeks decline from 24,774 to 22,179 in just 5 weeks. A faster retracement of the previous major decline in almost half the time interval signals strength and opens further upside in the coming weeks towards 25,400 and 25,800 levels.

On Immediate basis index has resistance at 25,250 while immediate support to watch out is placed at the last week breakout area of 24,775-24,700 levels. Nifty has seen a strong up move of more than 2600 points in last 11 sessions. Hence, some consolidation cannot be ruled out at higher levels, stock specific action will continue to remain in focus.

The short-term support in Nifty is revised higher towards 24,000-24,300 levels being the confluence of the 200 days EMA and the last Thursday gap area between 24,000-24,300. Index holding above the same will keep the overall bias positive and dips should be used as a buying opportunity.

Bank Nifty Outlook

Bank Nifty on Monday’s session has formed a strong bullish candle which maintained a higher high and a higher low signalling extension of the positive momentum. The index started the session on a strong note and gained momentum as the session progressed to close at the high point of the day above the 59,700 levels.

Index has generated a breakout above the last 4 months broad range 58,500-54,000 signalling strength and opens initial upside towards 60,500-61,000 levels in the coming sessions being the previous major highs.

Only a formation of lower high and lower low in the daily chart and a close below 58,500 levels will signal a pause in the current strong rally. Immediate support is placed at 58,500 levels being Friday’s breakout area.

Short term support is revised higher towards 57,500-57,000 levels being the confluence of the key retracement of current rally and last week gap area placed around the 57,000 levels.

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