Quote on Market Commentary (closing) for 18th June 2026 by Bajaj Broking Ltd
Market Closing Commentary
Indian benchmark indices opened marginally flat and witnessed a choppy trading session amid elevated volatility owing to the weekly Sensex expiry. strong buying interest emerged in the final hour of trade, helping the indices recover and close near their day’s highs. Market sentiment remained supported by continued de-escalation in geopolitical tensions and a further decline in crude oil prices, with Brent crude trading below the $78 per barrel mark.
At close, the Nifty 50 gained 0.34% to settle at 24,168, while the Sensex advanced 0.33% to close at 77,409. On the sectoral front, Healthcare, Financial Services, and PSU Banks emerged as the top gainers, witnessing broad-based buying interest throughout the session. Nifty IT remained the key laggard and was the only major sector to close in negative territory, while most other sectoral indices ended the day with modest gains.
The broader market also participated in the rally, reflecting improving risk appetite among investors. The Nifty Midcap 100 index gained 0.41% to close at 62,379, while the Nifty Smallcap 100 index advanced 0.44% to settle at 18,705.
Nifty Outlook
Index extended its up move as it gained for the fifth consecutive session, it has formed a bullish candlestick pattern with a higher high and a higher low highlighting continuation of the positive momentum as the index closed firmly above the 24,100 levels. Index sustaining above 24,000-23, levels will keep the immediate bias positive and is likely to head to 24,270 & 24,350 levels in the coming session. Dips if any in the coming session should be used as a buying opportunity.
Nifty on Thursday’s session generated a breakout above the falling channel containing last two months price action and has also closed above the previous swing high of 26th May signaling strength and positive bias. Going ahead, bias remain positive and the index to extend the current up move towards the April high of 24,600 in the coming weeks.
Some consolidation after a 1000 points up move in just five sessions cannot be ruled out in the Nifty. However, we believe the overall structure is positive, and any dips should be used to accumulate quality stocks in a staggered manner with Nifty to gradually head towards the April high of 24,600 levels in the coming weeks.
Bank Nifty Outlook
Index formed a bullish candlestick pattern with a higher high and a higher low signaling continuation of the positive momentum as the index tested the 58,000 levels, Key observation in the daily chart is that the 20 days EMA has generated a bullish crossover above its 50 days EMA thus supports the positive bias in the index.
We expect the index to maintain positive bias and head towards 58,300 and 59,250 levels in the coming weeks being the measuring implication of the recent range breakout and the 138.2% external retracement of the previous decline 57456-52783.
Some consolidation after 5000 points up move in just 13 sessions cannot be ruled out in the Bank Nifty. However, we believe the overall structure is positive, and any dips should be used to accumulate quality banking stocks in a staggered manner. Key support is placed at 56,000 levels being the confluence of the 38.2% retracement of the entire pullback 53,027-57954 and the recent breakout area.
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