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Market Closing Commentary

Indian benchmark indices opened on a positive note but traded within a narrow range throughout the session. Market participants remained cautious amid the weekly Sensex expiry, resulting in elevated intraday volatility. Investor sentiment was further tempered by the continued weakness in the Indian rupee and elevated Brent crude oil prices, which kept the benchmark indices largely range-bound.

At close, the Nifty 50 slipped 0.02% to settle at 24,072, while the Sensex ended almost unchanged at 77,186. On the sectoral front, Consumer Durables and Media emerged as the top-performing sectors, witnessing healthy buying interest. On the downside, Nifty Realty, PSU Banks, and Financial Services remained the key laggards as selective profit booking weighed on these sectors. The broader market underperformed the benchmark indices. The Nifty Midcap 100 index declined 0.41%, while the Nifty Smallcap 100 index fell 0.10%, reflecting mild weakness across the broader market

Nifty Outlook

Nifty continues to trade in a range amid high volatility and closed almost flat on Thursday session. It has formed a small bearish candle, which remained enclosed inside the previous session price range, signalling consolidation amid stock-specific action. On expected lines, the index is seen consolidating in a range. We expect the index to extend the recent consolidation and trade in the range of 23,800-24,350. 

Within the consolidation, last Friday’s gap area and Monday's low of 24,000-23,950 will act as an immediate support. We expect the index to hold above the same and witness a pullback towards 24,250-24,350 levels, being the upper band of the recent consolidation range. Short-term support is placed at 23,800 levels, being the confluence of the almost identical low of the last 4 weeks and 50 days EMA. While only a breakout above 24,350 will signal strength and open upside towards 24,600 levels, being the high of April 2026.

Bank Nifty Outlook

Bank Nifty formed a bearish candle with small shadows in either direction, highlighting profit booking at higher levels as the index continues to trade below the 58,000 levels. The index, in the last 5 weeks is seen consolidating in the range of 58,700-56,500; we expect the index to extend the same, and only a breakout or breakdown will signal the next directional move.

On the upside, 58,700 (June's high) remains the immediate hurdle. A decisive close above this level would confirm a breakout from the ongoing consolidation and could trigger the next leg of the rally towards 59,300 and eventually 60,000 levels in the coming weeks. On the downside index has major support placed at 56,500-56,000, where the 20-week and 50-week EMAs converge along with the previous week's low, making it a strong demand zone.

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