Market Commentary (closing) for 10th July 2026 by Bajaj Broking Ltd
Market Closing Commentary
Indian benchmark indices opened with a gap-up and extended their gains throughout the session, closing near the day's high. The Nifty reclaimed and closed above the crucial 24,200 mark, supported by broad-based buying interest. Improved investor sentiment was aided by easing geopolitical tensions and a continued decline in crude oil prices, which strengthened the overall market outlook. At close, the Nifty 50 gained 1.02% to settle at 24,206, while the Sensex advanced 1.08% to close at 77,569.
On the sectoral front, Nifty PSU Bank and Realty emerged as the top-performing sectors, witnessing strong buying interest throughout the session. In contrast, Media and FMCG ended marginally lower, while all other major sectoral indices closed in positive territory, reflecting broad-based market strength. The broader market outperformed the benchmark indices and continued its strong momentum. The Nifty Midcap 100 index gained 1.40% to close at a record high, while the Nifty Smallcap 100 index advanced 1.49%, highlighting robust participation and sustained buying interest across the broader market.
Nifty Outlook
Nifty on the weekly chart has formed a high wave candle with small real body and long shadows in either direction highlighting intra-week volatility. The lows of the last four weeks are almost identical around 23,800 levels, index holding above the same will keep the current uptrend intact. Going ahead, we expect the index to consolidate in the range of 23,800-24,350. A breakout above 24,350 will signal strength and resumption of up move towards 24,600 levels being the high of April 2026 and then towards 24,800 levels in the coming weeks being the trendline resistance joining the previous major breakdown area and 200 days SMA
Broader market to extend outperformance with Nifty midcap 100 already at an all-time high, we expect Nifty small cap index also to rally to a fresh all-time high, The Index has immediate support at 23,800 levels being almost identical lows of the last 4 weeks. A breach below the same on escalation of the geo-political tension will lead to extension of the decline towards the 23,600-23,400 levels.
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) and trendline support joining the lows of April and June 2026.
Bank Nifty Outlook
Bank Nifty formed a second bullish candlestick pattern with a higher high and a higher low signaling pullback for the second session. Index in the process closed above Wednesday gap down area signaling strength in banking stocks. Going ahead index to consolidate in the range of 56,500–58,700. 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 58,700 being the last swing high will signal resumption of the up-move towards 59,200 and 60,000 level in the coming weeks, being the 138.2% and 150% external retracement of the previous decline from 57,456 to 52,783.
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