IGI Logo

Below the Quote on Closing Market Summary from Hitesh Tailor, Technical Research Analyst at Choice Broking Private Limited

"Nifty closed at 23,063.10, down 383.70 points (1.64%) The index opened lower at 23,221.80, near the 50% retracement support level, and briefly touched a high of 23,281.90. Major weakness in Bajaj Finance, Axis Bank, Bajaj Finserv, HDFC Life and Reliance created significant panic, and the index failed to hold that level. Heavy selling pressure then dragged the index nearly 240 points lower from the day’s high, forming a low of 23,046.15. There was no meaningful pullback from the lower levels, and the index closed with clear weakness near the swing low of 23,063.10, signalling further downside risk.

The short-term structure has turned decisively negative after the index broke below the previous seven-day lows on rising volume and closed below the June 2026 swing-low zone of 23,070. It also failed to hold above the 23,300 level, which had earlier acted as a strong support zone. Based on the current technical pattern, the index looks weak, and further selling appears likely in the coming days. Immediate support is seen at 23,000–22,800, while resistance is placed at 23,220/23,340.

Sectoral performance remained broadly negative today (24-Sep-2026). Nifty Fin Service (-2.39%), Private Bank (-2.19%), Bank (-1.96%), Metal (-1.96%) and Auto (-1.57%) were among the major sectors under pressure, while IT (-0.44%) and Media (-0.80%) held up relatively better. Broad-based selling across financials, banking and metal kept the overall market tone weak, with almost all sectors ending in the red.

Bank Nifty closed lower at 55,438.50, down 1,110 points or 1.96%. The index opened below the previous Seven-day low at 55,710, marking a gap-down of 840 points from the prior close. Heavy selling in AU Bank, Axis Bank, and IDFC First Bank triggered sharp panic across the banking pack. Bank Nifty faced relentless selling on high volume, touching a low of 55,341 before ending the day down 1,110 points, highlighting clear weakness on the charts. Selling pressure remained uninterrupted throughout the session, with no meaningful pullback. Sellers stayed firmly in control from the open until the close.

On the daily chart, the index has registered a major breakdown, suggesting further downside is technically likely. Immediate support is seen at 55,200–55,000, while major resistance is placed at 56,300–56,500.

Overall, the market remains negative. Both Nifty and Bank Nifty witnessed uninterrupted selling pressure throughout the session, with no meaningful pullback. Sellers stayed firmly in control from the open until the close, and both indices ended the day with a clear breakdown structure."

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