Market Commentary (closing) for 4th September 2026 by Bajaj Broking
Market Closing Commentary
Indian benchmark indices ended marginally higher on 4 September, snapping a four-session losing streak, supported by positive global cues after US Fed Governor Christopher Waller indicated that he would support keeping interest rates unchanged at the next policy meeting. However, the initial optimism faded as the Nifty touched an intraday high near the 24,000 mark before witnessing profit booking and closing near the lower end of the day's range. Elevated crude oil prices continued to remain a key overhang on market sentiment.
At close, the Nifty 50 gained 0.10% to settle at 23,897, while the Sensex advanced 0.48% to close at 76,515.
On the sectoral front, Nifty Metal, Financial Services, and Media emerged as the top-performing sectors, supported by selective buying interest. On the downside, Realty, Pharma, IT, and Auto remained the key laggards, witnessing selling and profit booking during the session.
The broader market delivered a mixed performance. The Nifty Small cap 100 index gained 0.22%, while the Nifty Midcap 100 index declined 0.25%, indicating selective buying interest in small caps despite continued profit booking in the midcap segment.
Nifty Outlook
The index on the daily chart formed a sizable bearish candle with a higher high and higher low. Nifty opened higher above 24,000 levels but failed to sustain at higher levels as it reacted sharply lower from the previous major low of 24,025 and gave up its gains to close at the low of the day below 23,900 levels.
The daily stochastic has approached oversold territory, and buying demand is seen emerging in Nifty from the key support area of 23,800–23,600. Hence, a pullback towards the 50-day EMA placed around 24,150 cannot be ruled out in coming sessions.
However, the overall bias remains corrective below the last week’s high, and the 50-day EMA placed around 24,150 levels. Only a move above the same will signal a pause in the downtrend and will open a pullback towards 24,300–24,350 levels in the coming sessions.
From a short-term perspective, only a move above the last two-week highs placed around 24,380 will signal resumption of positive momentum. Key short-term support is placed at 23,800–23,600 levels, being the confluence of the previous major gap area and the low of July 2026.
Bank Nifty Outlook
Bank Nifty formed a second 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.
Above views are of the author and not of the website kindly read disclaimer
