Market Commentary (closing) for 29th July 2026 by Bajaj Broking Ltd
Market Closing Commentary
Indian equity markets witnessed a strong gap-up opening and extended their gains throughout the session, appreciation in the Indian Rupee from lower levels, and short covering by FIIs, all of which lifted investor sentiment. Going ahead, the U.S. Federal Reserve's policy decision will remain the key market trigger, as its outcome and commentary are likely to determine the next directional move for global as well as domestic equities. At the close, the Sensex advanced 888.68 points (1.16%) to settle at 77,654.60, while the Nifty 50 gained 264.85 points (1.10%) to end at 24,250.20.
Sectorally, the rally was broad-based, with Nifty IT, Metal, FMCG, and Pharma leading the gains. Most sectoral indices ended in positive territory, while Nifty Realty and Nifty Auto underperformed and remained the only sectors to witness profit booking. The broader markets also mirrored the benchmark indices' strength, reflecting improved market breadth. The Nifty Midcap 100 gained 0.82%, while the Nifty Smallcap 100 outperformed with an advance of 1.48%, indicating widespread buying interest across the broader market.
Nifty Outlook
Nifty started the session on a positive note and gained momentum as the session progressed to closed around the 24,250 levels. Index formed a bullish candle with a higher high and higher low and a bullish gap below its base (24041-24136) signaling positive bias and continuation of the up move. The index in the process formed a higher high in the weekly chart. Index sustaining above Wednesday gap area will keep the bias positive and will extend the pullback towards the 24,370 levels in the coming session.
From short term perspective, index to head towards the key resistance area of 24,500-24,600 levels being the confluence of the current month high and the high of April 2026. On the downside support is revised higher towards 23,800-24,000 levels being the confluence of the 20- and 50-days EMA and the gap area of Monday and Wednesday. The Daily 14 periods RSI has generated a buy signal and moved above its nine periods average thus supports the positive bias in the stock
Bank Nifty Outlook
Bank Nifty formed a high wave candle with a higher high and a higher low signaling strong pullback and a close above the 57,200 mark highlighting buying demand at lower levels around the lower band of the last 6 weeks range. Bank Nifty in the last 6 weeks is seen consolidating in the range of 56,500-58,700. Within the consolidation immediate hurdle is placed at 57,500 levels. A move above 57,500 will open further upside towards 58,000 levels.
On the downside, the 56,500–56,000 zone remains a crucial support area. This region is reinforced by the confluence of the lower band of the six-week trading range, an ascending trendline, and the 52-week EMA, making it a strong demand zone. Index holding above this support cluster, the broader outlook is expected to remain constructive.
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