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Market Closing Commentary

Indian benchmark indices ended lower on 29 June as profit booking across heavyweight sectors and continued weakness in sentiment Ahead of expiry. Despite selective buying in a few pockets, the broader tone remained cautious, with investors awaiting fresh domestic and global triggers.

 At close, the Nifty 50 declined 109.75 points or 0.46% to settle at 23,946.25, while the Sensex fell 372.10 points or 0.48% to close at 76,728.37.

On the sectoral front, Nifty Auto emerged as the biggest laggard, declining more than 2%, as broad-based selling was witnessed across the sector. Nifty Oil & Gas also remained under pressure for the second consecutive session. Most other sectoral indices traded with a negative bias, reflecting cautious investor sentiment. The broader market also ended in the red. The Nifty Midcap 100 index declined 0.37%, while the Nifty Small cap 100 index fell 0.62%, indicating relatively broader selling pressure beyond the frontline indices.

Nifty Outlook

Index has formed a small bearish candle with a lower high and a lower low signaling consolidation with corrective bias around 24,000 levels. Nifty in the coming monthly expiry session will face immediate resistance around 24,100-24,150 levels being Monday’s high. While immediate support is placed at 23,900-23,800 levels being the confluence of last two weeks lows and 50 days EMA. The key short-term support is placed at 23,500–23,600 zone. On the higher side major resistance is seen at 24,600 levels. We believe overall bias is positive and current breather should be used as a buying opportunity as we expect Nifty to gradually head towards the 24,500-24,600 levels in the coming weeks.

Bank Nifty Outlook

Index formed a small bearish candlestick pattern with a lower high and a lower low signaling consolidation amid stock specific action around the 58,000 levels. Going ahead bias remain positive and dips towards the support area of 57,000 should be used as buying opportunity for gradually up move towards 59,200 levels in the coming sessions being the 138.2% external retracement of the previous decline 57456-52783. The last two weeks lows are almost identical placed around 57,000 levels. Hence, immediate bias remains positive above the same. The daily stochastic remain in uptrend and is seen rebounding thus supports the positive bias.

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