Market Commentary (closing) for 9th June 2026 by Bajaj Broking Ltd
Market Closing Commentary
Indian benchmark indices witnessed a volatile session on 09 June, the Nifty weekly expiry day, but managed to close on a positive note. The recovery was primarily supported by easing crude oil prices and strength in the Indian Rupee, which improved overall market sentiment and triggered strong buying interest in banking stocks. As a result, the banking sector emerged as the key driver of the market's gains, with the Nifty PSU Bank Index rallying 3.62% and the Nifty Private Bank Index advancing 1.64% during the session. At the close, the Sensex gained 394.50 points (0.54%) to settle at 73,918.76, while the Nifty advanced 119.10 points (0.52%) to close at 23,242.10.
On the sectoral front, buying interest remained broad-based, with major support coming from Nifty PSU Banks, Private Banks, Realty, and Auto stocks. On the other hand, Nifty IT and Media emerged as the key underperformers and closed in negative territory. The broader market outperformed the benchmark indices, indicating strong participation beyond large-cap stocks. The Nifty Midcap 100 index gained 1.23%, while the Nifty Smallcap 100 index rose 1.69%.
Nifty Outlook
Nifty snapped its two sessions decline as it traded in a range with positive bias and closed higher by 0.5%. The positive momentum was lead by the banking stocks as Bank Nifty closed the session higher by more than 2%. Nifty in the daily chart formed a bullish hammer like candle with a small real body and a long lower shadow highlighting signs of reversal and buying demand emerging from the key support area of 23,000-23,200.
Going ahead, Index holding above Monday’s low (23,070) will keep the pullback trend intact and open gradual upside towards 23,500-23,550 levels in the coming sessions being the confluence of the 20 days EMA and the last Tuesday high. Nifty has key support at 23,000-23,100 being the confluence of the 61.8% retracement of the previous pullback (22,182-24,601) and lower band of the falling channel.
Bank Nifty Outlook
Index in the daily chart formed a Bullish Marubozu candlestick Pattern with a similar open and low signalling a strong buying demand near lower levels. Index closed above the 20 and 50 day's EMA signalling a positive bias in the index. Index in the daily chart formed a double bottom pattern with identical June and may month's low and has generated a breakout above the trendline resistance joining highs of April and May highlighting a trend reversal and positive bias in near short term. Immediate resistance for index is placed at 55,500-55,600 levels which is neckline for double bottom pattern, breakout and close above these levels will signal further up move towards 56,500 levels. Failing to do so will signal consolidation in the broader range of 55,600-54,000. Immediate support for index is placed around 54000-53800 levels being the current week low.
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