Market Commentary (closing) for 3rd September 2026 by Bajaj Broking
Market Closing Commentary
Indian benchmark indices opened with a gap-up but failed to sustain the early gains and ended lower, extending their losing streak to the fourth consecutive session. Selling pressure intensified amid a fresh breakout in Brent crude oil prices above the $95 per barrel mark, while elevated geopolitical tensions continued to weigh on investor sentiment. The session also witnessed heightened volatility, led by the Sensex, as investors remained cautious amid the uncertain global backdrop.
At close, the Nifty 50 declined 0.17% to settle at 23,873, while the Sensex fell 0.55% to close at 76,152.
On the sectoral front, Nifty Realty, Media, PSU Banks, and Financial Services emerged as the top-performing sectors, attracting buying interest despite the broader market weakness. On the downside, Nifty IT, FMCG, and Auto remained the key laggards, witnessing sustained selling pressure.
The broader market showed strong resilience and clearly outperformed the benchmark indices. The Nifty Small cap 100 index surged 1.20%, while the Nifty Midcap 100 advanced 0.37%, indicating healthy buying interest across the broader market. Small caps remained particularly resilient despite continued weakness in the frontline indices.
Nifty Outlook
Index on the daily chart formed a sizable bearish candle as it opened higher but failed to sustain at higher levels and gave up its gains to close at the low of the day below 23,900 levels.
Nifty on Thursday’s session opened above the 24,000 levels, index however reacted sharply lower from the previous major low of 24,025 and closed at the low point of the day.
Immediate bias in the index remains down and sustaining below 24,025 levels will open downside towards the key support area of 23,800-23,600 levels being the confluence of the previous major gap area and the low of July 2026.
On the higher side only a move above current week high and 50 days EMA placed around 24,143 will open pullback towards 24,300-24,350 levels in the coming sessions. From a short-term perspective only a move above last two-week highs placed around 24,380 will signal resumption of positive momentum.
Bank Nifty Oulook
Bank Nifty formed a small bearish candle as it continues to consolidate in a range around the 50 days EMA.
Index in the immediate short term is seen trading in the range of 57,000-58,000 levels. A close below 57,000 will signal extension of decline towards the key short-term support area of 56,500-56,200 levels being the confluence of the 52 weeks EMA and the lower band of the last 9 weeks range.
Overall, the broader 9 weeks consolidation range remains intact between 56,500 and 58,700. We expect the index to extend the current consolidation and only a breakout or breakdown will signal a directional momentum.
Within the consolidation index is facing resistance around 58,000 levels. Index sustaining above 58,000 levels will open upside towards 58,500-58.700 levels. Failure to sustain above 58,000 levels will signal extension of range bound trade in the range 57,000-58,000 levels in the coming sessions.
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