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Below the Quote on Market Commentary (closing) for 10th September 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking

Market Closing Commentary

Indian benchmark indices opened broadly flat and remained range-bound for most of the session, with limited directional momentum as elevated crude oil prices continued to weigh on investor sentiment. Brent crude remained elevated near the $102 per barrel mark, keeping market participants cautious. However, buying interest during the Closing Auction Session (CAS) helped the benchmark indices recover and end the session in positive territory.

At close, the Nifty 50 gained 0.20% to settle at 23,477, while the Sensex advanced 0.19% to close at 74,902.

On the sectoral front, Financial Services, Media, and Banking emerged as the top-performing sectors, supported by selective buying interest. On the downside, Metal, Pharma, and Auto remained the key laggards, keeping the broader market sentiment subdued.

The broader market remained under pressure, with the Nifty Midcap 100 index declining 0.38%, while the Nifty Smallcap 100 index slipped 0.07%. The relatively limited decline in smallcaps suggests some resilience despite the weakness in midcaps and the broader market.

Nifty Outlook

Index on the daily chart formed a high wave candle with a lower high and a lower low signaling consolidation with corrective bias. Stock specific action continues to remain in focus.

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 current down trend.

Follow through weakness will signal extension of the last 1-month decline towards the 23,300-23,200 levels in the coming sessions being the 80% retracement of the entire previous up move 23,070-24,774. While holding above Thursday’s low of 23,380 will lead to a pullback towards 23,650 levels from the current extreme oversold territory.

Pullback attempt will face immediate resistance at Wednesday's gap area of 23,650. While stiff resistance is placed around 23,800-24,000 levels being the recent breakdown area and 20 days EMA. Previous support area is likely to reverse its role and act as resistance in short term.

Bank Nifty Outlook

Bank Nifty on the daily chart formed a small bullish candle with a lower high and a lower low signaling consolidation with corrective bias.

Index is currently placed at the lower band of the last 10-week range 56,000-58,700. A weakness below 56,000 levels will signal extension of the corrective decline towards 55,300 and 54,800 levels in the coming weeks. 

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 current down trend.

While sustaining above 56,000 levels on a closing basis will signal continuation of the last 10 weeks consolidation.

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