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Below the Market Commentary (closing) for 18th September 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking

Market Closing Commentary

Benchmark indices traded in a choppy and volatile range throughout the day and managed to close marginally higher. However, on a weekly basis, the benchmarks continued their losing streak for the sixth consecutive week. With Brent crude oil prices remaining above $100 and geopolitical concerns still elevated, these factors continue to remain key overhangs heading into the weekend.

The Nifty 50 closed 0.33% higher at 23,346, while the Sensex ended marginally lower by 0.03%.

On the sectoral front, Realty, Energy and Financial Services were the key gainers, while IT, FMCG and Auto remained the major laggards.

The broader market outperformed, with the Nifty Small cap 100 gaining 1.74% and the Nifty Midcap 100 rising 1.24%, indicating strong buying interest beyond the frontline indices.

Nifty Outlook

Index formed a small positive candle with a higher high and higher low, indicating a constructive undertone and restricting further downside correction.

Ongoing consolidation around the 61.8% retracement zone of the immediate swing (22,182–24,774) indicates a potential base formation at lower levels. Daily and weekly oscillators remain in extreme oversold territory, keeping the possibility of a pullback open in the coming sessions.

Surpassing Friday’s high of 23,389 will trigger a pullback towards 23,600, which coincides with the previous week’s high.

On the downside, a breach below the previous week’s low of 23,116 will resume the corrective phase towards the major support zone of 23,000–22,800.

The index needs to sustain a higher high and higher low formation and reclaim 23,600 to signal a pause in the ongoing downtrend.

Bank Nifty Outlook

Bank Nifty formed a bullish candle with shadows on either side, indicating indecisiveness and continued consolidation at current levels.

The index failed to sustain above 56,500, resulting in consolidation within the 56,000–56,500 range as sustained upside momentum remains absent.

The broader structure remains cautious, with the index trading below key resistance levels and yet to establish a sustained Higher High–Higher Low formation.

55,700–55,800 remains the immediate support zone, marked by the previous week’s low. Holding above this zone is crucial to sustain the current consolidation, while a breach below 55,700 would resume the broader corrective trend.

On the higher side, 56,570 remains the immediate hurdle. A sustained move above this level could trigger a recovery towards 57,000. 

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