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Below the Quote on Market Closing Comment 10th Oct 2026 from Ajit Mishra, SVP – research, Religare Broking

"Markets staged a strong recovery on Friday, taking a breather after the sharp sell-off in the previous session. Following a positive opening, the benchmark indices extended their gains through the session, with the Nifty reclaiming the 22,500 mark and the Sensex trading around 72,470.

On the sectoral front, IT led the recovery, supported by a positive reaction to TCS’ quarterly results, while banking, FMCG and auto also witnessed buying interest. However, broader-market participation remained mixed, with midcap stocks outperforming their smallcap counterparts.

Global cues offered some relief as Brent crude eased from its recent highs. However, elevated global bond yields and persistent foreign fund outflows continued to weigh on sentiment, keeping the outlook cautious. The sharp sell-off in the previous session and ongoing uncertainty surrounding the global macroeconomic environment reinforce the need for a measured approach.

Given the prevailing market conditions, treat the current rebound as a relief rally until the index demonstrates sustained strength above key resistance levels. Technically, the 22,700–22,800 zone is likely to act as the immediate hurdle for the Nifty, followed by the 23,000 mark. On the downside, the 22,200–22,300 zone remains an important support area, and a decisive break below it could trigger renewed selling pressure. Participants should remain selective, maintain disciplined position sizing and favour a hedged approach amid elevated macroeconomic and earnings-related uncertainty."

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