Market Commentary (closing) for 23rd 2026 by Bajaj Broking Ltd
Indian benchmark indices opened on a weak note and remained under pressure throughout the session, witnessing broad-based selling as the Nifty slipped below the crucial 24,000 mark. Investor sentiment remained fragile amid renewed geopolitical concerns, which pushed Brent crude oil prices back near the $98 per barrel mark, raising concerns over inflationary pressures and the macroeconomic outlook. At close, the Nifty 50 declined 0.53% to settle at 23,869, while the Sensex fell 0.47% to close at 76,391.
On the sectoral front, Realty, Chemicals, and PSU Banks emerged as the key laggards, witnessing broad-based selling pressure. In contrast, Media and Auto were the only sectors to end in positive territory, supported by selective buying interest despite the weak broader market sentiment. The broader market also remained under pressure. The Nifty Midcap 100 index declined 0.99%, while the Nifty Small cap 100 index fell 1.01%, indicating widespread selling across the broader market.
Nifty Outlook
Index extended decline for the fourth session in a row as it closed below the 23,900 levels. Nifty in the daily chart formed a high wave candle with a small real body and shadows in either direction. It maintained a lower high and a lower low signaling continuation of the corrective bias. Index is currently testing the key support area of 23,800-23,750 being the confluence of the 50 days SMA and the multiple lows of the last five weeks placed around 23,800-23,900 levels. Nifty is likely to extend the recent consolidation in the broad range of 23,800-24,350. Only a breakout or breakdown will signal next directional trend in the index.
On the downside a breach below 23,800-23,750 on a closing basis will accelerate downside towards the 23,500 levels in the coming weeks being the confluence of the trendline support joining lows of April and June 2026, bullish gap area of 15th June 2026 and 61.8% retracement of the recent up move from 23,070-24,530. On the higher side only a move above 24,000 will signal a pause in the downtrend of the last four sessions and can open pullback towards the 24,200 levels in the coming week.
Bank Nifty Outlook
Bank Nifty formed a bearish candle with a lower high and a lower low signaling continuation of the corrective decline for the fourth consecutive session in a row. Bank Nifty in the last 6 weeks is seen consolidating in the range of 56,500-58,700. Index is currently placed around the lower band of the range. A follow through weakness below the support area of 56,200-56,500 levels being the confluence of the lower band of the last 6 weeks range and 52 weeks EMA will lead to acceleration of decline towards 55,500-55,000 levels being the confluence of the trendline support joining previous major lows and the 61.8% retracement of the previous up move from 53,027-58,706. Structurally the index has already taken 4 weeks to retrace just 38.2% of the preceding up move from 53,027 to 58,706. A shallow retracement signals overall positive bias and a higher base formation in the current corrective decline. On the higher side 57,500 will act as an immediate hurdle while the upper band of the recent consolidation placed around 58,500-58,700 will act as a stiff hurdle in the index in the coming weeks
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