Market Commentary (closing) for 8th September 2026 by Bajaj Broking
Market Closing Commentary
Indian benchmark indices opened on a weak-to-flat note and remained under pressure throughout the session, ultimately closing near the day's lows. Elevated Brent crude oil prices, supported by continued uncertainty around the geopolitical situation, remained a key overhang on investor sentiment and kept risk appetite subdued.
At close, the Nifty 50 declined 0.61% to settle at 23,635, while the Sensex fell 0.73% to close at 75,577.
On the sectoral front, Nifty Media, Pharma, FMCG, and Energy emerged as the top-performing sectors, providing some support amid the broader market weakness. On the downside, Financial Services, Banks, and IT remained the key laggards, witnessing sustained selling pressure during the session.
The broader market displayed relative resilience compared with the benchmark indices. The Nifty Smallcap 100 index gained 0.17%, while the Nifty Midcap 100 advanced 0.21%, indicating continued selective buying interest in the broader market despite weakness in large-cap stocks
Nifty Outlook
Index on the daily chart formed a second consecutive bearish candle with a lower high and a lower low signaling continuation of the corrective decline with the Nifty almost testing the July low of 23,606.
Immediate bias in the index continues to remain down and only a formation of higher high and higher low on a sustained basis in the daily chart will signal a pause in the down trend.
Nifty has approached the key support area of 23,600-23,500 levels being the confluence of the previous major gap area and the low of July 2026. Index holding above the same will lead to a pullback from the current oversold territory towards 24,000 and 24,150 levels in the coming sessions being the recent breakdown area, last week high and 50 days EMA.
Failure to hold above the support area of 23,600-23,500 will signal extension of the last four weeks decline towards 23,300 levels in the coming weeks.
Bank Nifty Outlook
Bank Nifty formed a second consecutive bearish candle with a lower high and a lower low signaling continuation of the corrective decline. Index in the process closed below the immediate support area of 57,000.
Index sustaining 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.
Immediate bias in the index continues to remain down and only a formation of higher high and higher low on a sustained basis in the daily chart will signal a pause in the down trend. A move above 57,000 will lead to consolidation in the range of 57,000-58,000.
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