Market Commentary (closing) for 11th September 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking
Below the Market Commentary (closing) for 11th September 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking
Market Closing Commentary
Indian benchmark indices witnessed a volatile session on 11th September, coming under sharp pressure during the initial trading hours and touching a day’s low of 23,231. However, the market staged a recovery of nearly 150 points from the day’s low and closed near the 23,400 level, supported by a cooling-off in Brent crude prices, stabilisation in US bond yields and a marginal intraday recovery in the INR. Despite the recovery from lower levels, the overall market bias remains cautious as long as crude oil sustains above $100/bbl.
At close, Sensex settled at 74,781, down 120.83 points or 0.16%, while Nifty declined 79.70 points or 0.34% to settle at 23,398.
On the sectoral front, Nifty Private Bank, Media and IT emerged as pockets of strength, while significant pressure was witnessed across Nifty Realty, Metal, Auto and Oil & Gas. Most of the major sectors traded under pressure, keeping the overall market tone cautious.
The broader market also remained under pressure, with Nifty Midcap 100 declining 0.26%, while Nifty Small cap 100 declined 0.58%, indicating that the recovery was not broad-based and selling pressure continued across the broader market.
Nifty Outlook
Index on the daily chart formed a bullish candle with a lower high and a lower low. The index opened lower and formed an intraday low of 23,231 in opening trade. Nifty recovered more than 150 points from the day low to close the session marginally lower around 23,400 levels.
Going ahead, strength above 23,500 will signal pullback towards 23,650 levels in the coming sessions. Failure to do so will signal some consolidation in the range of 23,230-23,500.
Immediate bias in the index remains down and a follow-through weakness below last week low 23,231 will open downside towards the short-term support placed around the June low of 23,070 levels in coming week. Only a formation of higher high and higher low on a sustained basis in the daily chart will signal a pause in the current down trend
Any pullback attempt will face immediate resistance at Wednesday's gap down area of 23,650. While stiff resistance is placed around 23,800-24,000 levels being the recent breakdown area and 20 days EMA.
Bank Nifty Outlook
Bank Nifty on the daily chart formed a sizable bullish candle with a higher high and a lower low signaling strong buying demand at lower levels near the lower band of the last 11 weeks range.
Index is currently placed around the lower band of the last 11-week range 56,000-58,700. A breach and close below the 56,000 levels will signal extension of the corrective decline towards 55,300 and 54,800 levels in the coming week.
Immediate bias in the index remains down below 57,000 levels and only a formation of higher high and higher low on a sustained basis in the daily chart and a close above 57,000 levels will signal a pause in the current down trend.
A move above 57,000 levels will open pullback towards 57,500 and 57,800 levels in the coming sessions.
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