IGI Logo

Below the Market Commentary (closing) for 17th October 2025 by Bajaj Broking

Market Closing Commentary

Indian benchmark indices ended the session on a strong note, supported by short covering from FII participants and a steady inflow of funds. The sentiment remained upbeat as Bank Nifty achieved a new milestone, driven by robust buying interest in leading banking stocks. At the close, the Sensex gained 484.53 points (0.58%) to settle at 83,952.19, while the Nifty advanced 124.55 points (0.49%) to close at 25,709.85. On the sectoral front, FMCG, Healthcare, Pharma, and Auto indices were the major contributors to the rally, showcasing defensive strength and rotation into quality counters. On the flip side, profit booking was witnessed in IT, Media, and Metal stocks, which capped the overall upside. The broader market, however, took a breather after a strong run-up, with Nifty Midcap 100 slipping 0.57% and Nifty Small-cap 100 marginally down by 0.05%, indicating selective profit taking by investors.

Nifty Outlook

Nifty on weekly chart has formed a sizable bull candle with a higher high and higher low signaling continuation of the up move. Index in the process generated a breakout above a falling supply line joining the major highs of September 2024 and June 2025 signaling strength and continuation of the up move. Last week, the index broke out above a three-month symmetrical triangle consolidation pattern, indicating a positive bias. Any dips during the upcoming truncated week should be viewed as buying opportunities. We expect the index to head towards 25,900 and then towards 26,200 levels in the coming weeks being the 123.6% and 138.2% external retracement of the last three months corrective decline (25669-24338). The recent breakout area of 25350-25450 is likely to reverse its role and act as key support in the coming week.

Bank Nifty Outlook

Bank Nifty formed a strong bull candle with a higher high and higher low signaling strength. Index in the process rallied to a fresh all-time high. Going ahead bias remain positive and index to head towards 58,500 and 59000 levels in the coming sessions. With immediate support placed at 57000-56700 levels being the recent low and recent gap area.

Above views are of the author and not of the website kindly read disclaimer