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Market Closing Commentary

Domestic benchmark indices staged a smart recovery on October 9, reversing the previous session’s losses, as risk appetite returned across the board. The Nifty 50 concluded the session on a strong note, settling just shy of the 25,200 milestone, underpinned by sustained buying across key sectors. After opening on a muted note and exhibiting range-bound movement during the early part of the session, the index picked up momentum in the latter half, supported by positive global cues and institutional buying interest. Investor sentiment was buoyed by positive cues from global markets, easing bond yields. At the closing bell, the BSE Sensex advanced 398.44 points, or 0.49%, to close at 82,172.10, while the Nifty 50 climbed 135.65 points, or 0.54%, to end at 25,181.80, marking a robust recovery and closing near the intraday high — a technically bullish signal indicating strength in market sentiment.

The broader markets showed mixed trends. The BSE Midcap Index outperformed the frontline indices with a gain of 0.75%, reflecting continued investor interest in quality mid-tier stocks. Meanwhile, the BSE Smallcap Index ended on a flat note, suggesting stock-specific action amid valuation concerns. Sectoral participation was broad-based, with all major indices closing in the green. Notable gainers included Pharma, Metal, Oil & Gas, Realty, PSU Bank, and IT, each adding between 0.5% and 1%. The rally in pharma and IT indicated defensive and export-oriented buying, while gains in PSU Banks and Metals hinted at optimism around domestic growth and commodity price movements.

Nifty Outlook

The index in the daily chart has formed a bull candle with a higher high and higher low signaling consolidation amid positive bias. Index in the last 2-3 sessions is seen consolidating in the range of 25,220–25,000 thus forming a base for the next leg of move. On the higher side a move above 25,250 would open further upside towards 25,400–25,500 levels in the coming weeks being the trendline resistance connecting the major highs of June and September 2025. Failure to do so will lead to consolidation in the range of 25,250-24,900. Key support is placed at 24,800-24,900 levels being the confluence of the 20- & 50-days EMA and the 61.8% retracement of the last up move (24,588-25,220).  

Bank Nifty Outlook

 Bank Nifty formed a bull candle which remained enclosed inside previous session price range signaling consolidation for last 2 sessions after more than 2300 points up move in the preceding 6 sessions. Going ahead, index is likely to consolidate in the range of 56,500-55,500 thus forming base for the next leg of up move. On the higher side a move above 56550 would open further upside towards the all-time high of 57,300-57,600 in the coming weeks. 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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