Market Commentary (closing) for 09th July 2026 by Bajaj Broking Ltd
Market Closing Commentary
Indian benchmark indices witnessed a volatile trading session on July 9, influenced by the weekly Sensex expiry. Despite intraday fluctuations, the market ended on a positive note, although some profit booking emerged during the final hour, dragging the Nifty below the 24,000 mark. Elevated crude oil prices continue to remain a key overhang for the market. Going ahead, investors will closely monitor the Q1FY27 earnings season, particularly the management commentary from major IT companies, which is expected to set the tone for the near-term market direction.
At the close, the Sensex gained 238.22 points (0.31%) to settle at 76,741.82, while the Nifty 50 advanced 80.75 points (0.34%) to close at 23,962.80. Sectoral performance remained broadly positive, with buying interest witnessed across most sectors. Nifty Realty emerged as the top-performing index, followed by Nifty Media, Nifty PSU Bank, and Nifty Consumer Durables. On the other hand, Nifty IT and Nifty Auto underperformed the broader market. The broader market continued to outperform the benchmark indices, reflecting healthy market breadth. The Nifty Midcap 100 index gained 1.38%, while the Nifty Smallcap 100 index advanced 1.80%, indicating sustained buying interest in the broader market.
Nifty Outlook
Nifty formed an inverted hammer candle which remained contained inside previous session price range signaling consolidation amid stock specific action. Going ahead, we believe index holding above the support area of 23,800 being the almost identical lows of the last 3 weeks will lead to consolidation in the range of 23,800-24,350. Within the consolidation range Thursday’ low of 23,925 is crucial holding above the same will lead to pullback towards 24,200 levels in the coming session.
A breach below 23,800 on escalation of the geo-political tension will lead to extension of the decline towards the 23,500-23,600 levels in the coming sessions. Key short-term support for Nifty is placed at 23,400-23,600 levels being the confluence of the 61.8% retracement of the previous up move (23070-24,530), previous bullish gap area of 15th June and trendline support joining the lows of April and June 2026.
Bank Nifty Outlook
Bank Nifty formed a small bullish candlestick pattern which remained contained inside previous session range signaling consolidation amid stock specific action. Going ahead index to consolidate in the range of 55,500–58,000. A weakness below Wednesday’s low 56,550 will open downside towards the key short-term support of 55,500-55,000 levels.
On the higher side only a move above 58,000 will signal resumption of the up-move failure to do so will lead to some consolidation in the range of 55,500-58,000 levels. The daily stochastic remain in downtrend signal immediate corrective bias.
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