Market Commentary (closing) for 16th June 2026 by Bajaj Broking Ltd
Market Closing Commentary
Indian benchmark indices opened with a gap-up of nearly 70 points and traded with a positive bias throughout the session. Index keep consolidating near the crucial 24,000 mark, the Nifty managed to close near its day's high. Being an expiry session, the market witnessed range bound. Sentiment remained supported by easing Brent crude oil prices, which traded near $81 per barrel, along with continued de-escalation in geopolitical tensions.
At close, the Nifty 50 gained 135.25 points or 0.57% to settle at 23,989, while the Sensex advanced 544.15 points or 0.71% to close at 76,808. Despite the strong performance, the Nifty ended marginally below the key 24,000 level.
On the sectoral front, Nifty Realty extended its winning streak and emerged as the top-performing sector. IT, Media, and FMCG stocks also witnessed strong buying interest and ended higher. On the other hand, Nifty Metal remained the key laggard, followed by Healthcare and Auto stocks, which witnessed mild profit booking during the session.
The broader market also traded in line with the benchmark indices, reflecting sustained buying interest across segments. The Nifty Midcap 100 index gained 0.41% to close at 61,802, while the Nifty Smallcap 100 index advanced 0.42% to settle at 18,477. Overall, easing crude oil prices, improving global sentiment, and reduced geopolitical concerns continued to support market momentum, helping domestic equities extend their recent gains.
Nifty Outlook
Index formed a bullish candlestick pattern which remained contained inside previous session price range signaling consolidation around the 24,000 levels amid stock specific action.
Nifty bias remains positive and is currently placed around the upper band of the last two months falling channel which also coincides with the previous swing high of 26th May placed around the range of 24,050-24,100.
Going ahead, a move above 24,100 will infuse further momentum and open upside towards 24,500 levels in the coming weeks. Failure to do so will lead to some consolidation in the range of 23,600-24,100 in the coming sessions.
We believe the overall structure is positive and any dips should be used to accumulate quality stocks in a staggered manner. We expect the index to eventually breakout above the 24,100 levels and gradually head towards 24,500-24,600 levels. Key short-term support is revised higher towards 23,500-23,600 levels being the confluence of the 20 days EMA and the recent breakout area.
Bank Nifty Outlook
Index formed a doji candlestick pattern which mostly remained contained inside previous session price range signaling consolidation for the second session in a row amid stock specific action. Bank Nifty has seen a strong rally of 4800 points in the just 10 sessions, hence some consolidation cannot be ruled out in the coming sessions as we are witnessing in the last 2 sessions which is likely to extend.
We expect the index to maintain overall positive bias and head towards 58,300 levels in the coming sessions being the measuring implication of the last four-week range breakout (52,700-55,500). Index sustaining above 55,500-56,000, will keep the overall bias positive and any dips should be viewed as buying opportunities. Only a decisive breach below the 55,500-support level would negate the positive outlook.
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