IGI Logo

Below the Market Commentary (closing) for 30th October 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking

Market Closing Commentary

Benchmark indices extended their gains and closed above key psychological levels, supported by continued buying interest in large-cap stocks. However, Brent crude oil prices remained elevated, keeping macroeconomic concerns and investor caution intact.

The Nifty 50 gained 0.51% to close at 23,053, while the Sensex rose 0.42% to 74,459.

On the sectoral front, IT, Pharma and Financial Services were the key gainers, while Media, Energy, PSU Banks and Auto remained the major laggards.

The broader market underperformed the frontline indices, with the Nifty Midcap 100 declining 0.93% and the Nifty Small cap 100 falling sharply by 1.85%, indicating continued selling pressure in mid- and small-cap stocks.

Nifty Outlook

Index formed a high wave candle with a higher high and a higher low signaling extension of the pullback for the second session in a row. It started the session on a flat note and gained momentum as the session progressed to form an intraday high of 23,118 in the midsession. However, profit booking at higher levels saw the index gave up some of its gains and closed the session at 23,010 levels.

Index sustaining above Friday’s low of 22,905 will signal extension of the current pullback towards 23,150-23,200 levels. While a breach below 22,900 will signal some consolidation in the range of 22,900-22,600.

The immediate short-term bias remains corrective below the 23,175–23,250 resistance zone, marked by the confluence of last month’s high and the 50-day EMA, a sustained breakout above this zone would signal a pause in the downtrend.

Bank Nifty Outlook

Bank Nifty formed a small bear candle signaling consolidation amid stock specific action after previous two sessions sharp up move. Index started the session on a negative note, Buying demand at lower levels saw the index

Recouped its decline and formed an intraday high of 55,068 in the mid-session. However, index failed to sustain at higher levels and gave up its gains to close marginally lower.

On immediate basis index is likely to consolidate in the range of 54,000-55,100. Only a move above 55,100 will signal extension of the pullback towards 55,700 and 56,000 levels in the coming sessions.

Weakness below 54,000 will signal extension of decline towards key short-term support at 53,200-53,000 being the confluence of the trendline support joining previous major lows and key retracement of the previous major up move.

Above views are of the author and not of the website kindly read disclaimer