Market Commentary (closing) for 1st September 2026 by Bajaj Broking
Market Closing Commentary
Indian benchmark indices remained under pressure throughout the session but managed to hold above the crucial 24,000 mark at close. Elevated crude oil prices and escalating geopolitical tensions continued to weigh on investor sentiment, while the weekly Nifty expiry led to heightened intraday volatility and choppy price action.
At close, the Nifty 50 declined 0.10% to settle at 24,055, while the Sensex slipped marginally by 0.02% to close at 76,944.
On the sectoral front, Nifty IT and FMCG emerged as the top-performing sectors, providing some support to the benchmark indices. On the downside, Pharma, Realty, Auto, and PSU Banks remained the key laggards, witnessing selling pressure during the session.
The broader market underperformed the frontline indices. The Nifty Smallcap 100 index declined 0.23%, while the Nifty Midcap 100 index fell sharply by 1.39%, indicating significant profit booking in the midcap segment.
Nifty Outlook
Index on the daily chart formed a high wave candle with small real body and long shadows in either direction signaling consolidation around the 24,000 levels.
Index on Tuesday’s session again tested the 24,000 levels, going ahead a close below the 24,000 level will signal further correction towards the lower band of the range placed at 23,800 levels. On the higher only a move above 50 days EMA placed around 24,190 will open pullback towards 24,300-24,350 levels in the coming sessions.
Overall, we expect the index to extend the recent consolidation and trade in the broad range of 23,800-24,600 amid stock specific action. Within the consolidation last two-week highs placed around 24,380 will be the key hurdle for the index only a move above the same will signal positive movement. Failure to move above the same will keep the bias corrective.
Nifty has key support at 24,000-23,800 levels being the confluence of the previous major gap area and 61.8% retracement of previous up move from 23,606 to 24,774.
Bank Nifty Outlook
Bank Nifty formed a high wave candle with small real body and long shadows in either direction signaling consolidation around the 50 days EMA.
The broader 9 weeks consolidation range remains intact between 56,500 and 58,700. We expect the index to extend the current consolidation and only a breakout or breakdown will signal a directional momentum.
Within the consolidation index is facing resistance around 58,000 levels. Index sustaining above 58,000 levels will open upside towards 58,500-58.700 levels. Failure to sustain above 58,000 levels will signal consolidation in the range 57,000-58,000 levels in the coming sessions
On the lower side a breach below immediate support of 57,000 will signal extension of decline towards the key short-term support area of 56,500-56,200 levels being the confluence of the 52 weeks EMA and the lower band of the last 9 weeks range.
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