Market Commentary (closing) for 10th August 2026 by Bajaj Broking
Market Closing Commentary
For the third consecutive trading session, Indian benchmark indices remained locked in a consolidation phase, trading within a narrow range. The formation of indecisive candles over the past three sessions highlights the uncertainty among market participants, with the benchmark indices lacking a clear directional trigger. Rising crude oil prices, with Brent trading near the $85 per barrel mark, remained a key concern and continued to act as a potential headwind for the market.
At close, the Nifty 50 gained 0.05% to settle at 24,583, while the Sensex advanced 0.06% to close at 78,542. On the sectoral front, Nifty Realty emerged as the top gainer, advancing 1.35%, followed by Consumer Durables, which gained 0.4%, and Private Banks, up 0.5%. On the downside, Nifty PSU Banks declined 1.6% and emerged as the key laggard, followed by Oil & Gas, which fell 0.37%, and Infrastructure, which declined 0.40%.
The broader market remained relatively resilient. The Nifty Midcap 100 index gained 0.62%, while the Nifty Smallcap 100 index declined 0.27%. Despite the mixed performance, both indices continued to trade near their respective all-time highs, reflecting sustained strength and investor participation in the broader market.
Nifty Outlook
On the daily chart, the index formed a doji candle with shadows in either direction signaling continuation of the consolidation for the fifth session in a row. Index in the last 5 sessions is seen consolidating in a narrow range of 24,430-24,700 after the previous 7 sessions sharp up move from 23,606 to 24,774. A shallow retracement of just 23.6% of its previous up move highlights a higher base formation.
The broader trend continues to remain positive, as Nifty continues to consolidate above the breakout zone of the three-month triangular pattern. Going ahead, holding above the 24,300–24,400 support zone could trigger a pullback towards the previous week’s high of 24,800. A decisive breakout above 24,800 would confirm the resumption of the uptrend, opening the way towards 25,000–25,200 in the coming weeks.
On the downside, 24,400–24,300 remains the immediate support zone, supported by the previous week’s low and the 20-day EMA. While key short-term support is placed at 24,000 levels, index holding above the same will keep the short-term bias positive.
Bank Nifty Outlook
Bank Nifty formed a second consecutive bearish candle with shadows in either direction, indicating profit booking at higher levels as the index continues to consolidate in a range. The index remained within last week’s 57,300–58,300 range, with 58,000 continuing to act as an immediate hurdle.
The broader 7 weeks consolidation range remains intact between 56,500 and 58,700, we expect the index to extend the current consolidation. Within the consolidation index holding above 57,500–57,300 would keep the near-term bias constructive and could trigger a pullback towards 58,300, followed by 58,700 levels. On the downside, a decisive break below 57,500–57,300 (20 days EMA & Previous week low) would signal extended corrective move towards the 56,500, which forms the lower band of the broader consolidation channel.
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