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Below the Market Commentary (closing) for 24th June 2026 by Bajaj Broking Ltd

Market Closing Commentary

Indian benchmark indices ended on a strong note on 24 June, with the Nifty reclaiming the crucial 24,000 mark, supported by broad-based buying across sectors. Investor sentiment improved further as geopolitical tensions continued to ease and Brent crude oil prices cooled to around $75 per barrel, reducing concerns over inflationary pressures and supporting risk appetite.

At close, the Nifty 50 gained 0.83% to settle at 24,021, while the Sensex advanced 1.04% to close at 76,991.

 On the sectoral front, all major indices ended in positive territory except Auto, Energy, Metal, and Power. While  Nifty IT and Realty emerged as the top gainers, rising nearly 2% each, while the Private Bank index advanced 1.8%, providing significant support to the benchmark indices. The rally reflected renewed buying interest in growth-oriented and rate-sensitive sectors.

The broader market also participated in the upmove, albeit at a relatively moderate pace. The Nifty Midcap 100 index gained 0.10%, while the Nifty Smallcap 100 index advanced 0.40%, indicating continued participation from broader market segments.

Nifty Outlook

Nifty witnessed a strong rebound on Wednesday session to close above the 24,000 levels. In the daily chart it has formed a bullish piercing line candlestick pattern highlighting buying demand around the support area of 23,800 being the confluence of the previous gap area and 20- and 50-days EMA.

Nifty managed to hold above the support area of 23,800 and witnessed a pullback in today’s session. Going ahead, bias remain positive and index to head higher towards last week high of 24,190 levels in the coming session. Dips if any towards 23,900 should be used as a buying opportunity.

The key short-term support is placed at 23,500–23,600 zone being the recent breakout area and the key retracement of recent pullback. On the higher side major resistance is seen at 24,600 levels being the April high and the placement of the 200 days EMA.

Bank Nifty Outlook

Index formed a bullish engulfing candlestick pattern highlighting strong buying demand around the 57,000 levels. The index in the process recouped its entire previous session decline and closed above the last week high 58021 on Wednesday session.

Going ahead bias remain positive and index to gradually head towards 59,200 levels in the coming sessions being the measuring implication of the recent range breakout and the 138.2% external retracement of the previous decline 57456-52783.

The last two weeks lows are placed around 57,000 levels, hence immediate bias remain positive above the same. The daily 14 periods RSI remain in up trend and is seen rebounding taking support at its nine periods average.

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