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Below the Quote on Post market comment for Thursday July 9 by Sachin Gupta,  VP – Technical Research at Choice Brokinga

Indian equity benchmark Nifty index witnessed a positive close on 09th July 2026 after rebounding from the sharp correction seen in the previous trading session. The index opened on a firm note and extended its gains during the first half of the session, supported by broad-based buying across sectors. Nifty climbed to an intraday high of 24,134.70, reflecting strong buying interest and improved market sentiment. However, profit booking emerged in the latter half of the session, trimming a portion of the gains. Despite this, the index managed to hold above the psychologically important 23,950 mark and eventually settled at 23,962.80, ending the day with a gain of 80.75 points or 0.34%. On the daily timeframe, the index formed a bullish candlestick with an upper shadow, indicating buying support at lower levels while also highlighting some resistance near higher levels. The price action suggests that the market remains in a consolidation phase with a positive bias.

From a technical perspective, immediate support is placed in the 23,750–23,800 zone, while resistance is observed in the 24,100–24,150 range. The index continues to trade above its key short-term moving averages, indicating that the broader structure remains constructive. Sustaining above the 23,900 level could encourage further upside momentum towards the 24,200 zone, while a breach below immediate support may lead to temporary consolidation. Market breadth remained healthy, with advancing stocks significantly outnumbering declining stocks, reflecting broader participation across segments. The broader market outperformed the benchmark indices, with the Nifty Midcap 100 rising 1.4% and the Nifty Smallcap 100 gaining 1.8%, indicating renewed risk appetite among investors.

Sectorally, the market witnessed broad-based buying interest led by the Realty segment. The Nifty Realty Index surged 3.5%, emerging as the top-performing sector, followed by Media (+2.0%), PSU Bank (+1.6%), and Consumer Durables (+1.6%). Buying was also visible across several rate-sensitive and domestic-focused sectors. On the other hand, Nifty IT declined 0.47% while Nifty Auto slipped 0.25%, making them the only major sectoral losers of the session. Among the index heavyweights, Sun Pharma, Bharti Airtel, InterGlobe Aviation, Kotak Mahindra Bank, and Eternal led the gains, whereas Dr. Reddy’s Laboratories, Infosys, Maruti Suzuki, NTPC, and ONGC ended among the top laggards.

The Bank Nifty index also participated in the broader market recovery and witnessed positive traction during the session, supported by strength in select private and PSU banking stocks. Buying interest in banking counters contributed to the outperformance of the Nifty PSU Bank Index, which advanced 1.62% during the day. The banking space remained relatively resilient despite some intraday volatility and continued to support the overall market sentiment. The broader trend in Bank Nifty remains constructive as the index continues to trade above its key support zones, indicating that buyers remain active on declines.

Markets witnessed a positive trading session with benchmark indices recovering from the previous day's weakness and ending comfortably in the green. Although profit booking during the latter half restricted stronger gains, the overall undertone remained positive due to broad-based sectoral participation and strong performance from the broader market. Realty, Media, PSU Banks, and Consumer Durables emerged as key leaders of the rally, while IT and Auto stocks lagged. Going forward, sustained strength above the immediate support zone could help Nifty challenge the 24,100–24,150 resistance band, while continued participation from broader markets and banking stocks may provide additional support to the ongoing recovery.

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