Market Commentary (closing) for 11th August 2026 by Bajaj Broking
Market Closing Commentary
Indian benchmark indices remained under pressure through most of the session, with the Nifty hitting an intraday low of 24,429.25. However, buying interest at lower levels helped recover a portion of the losses, although the indices ultimately closed near the day's lows. Elevated crude oil prices, with Brent trading near the $90 per barrel mark, continued to remain an overhang on market sentiment and kept investors cautious.
At close, the Sensex declined 388.19 points or 0.49% to settle at 78,154.25, while the Nifty 50 fell 112.10 points or 0.46% to close at 24,471.70.
On the sectoral front, performance remained mixed. Nifty Pharma emerged as the top gainer, advancing 1.0%, followed by Nifty IT, which gained 0.6%. On the downside, Nifty Realty, FMCG, and Metal declined around 1% each. Infrastructure fell 0.8%, while Private Banks, Auto, and Bank declined 0.6%, 0.5%, and 0.4%, respectively.
The broader market showed relative resilience compared with the frontline indices. The Nifty Midcap 100 index ended largely flat, while the Nifty Smallcap 100 index gained 0.2%, indicating continued selective buying interest despite weakness in the benchmark indices.
Nifty
On the daily chart, the index formed a bearish candle with a lower high and a lower low signaling profit booking at higher levels on the weekly expiry session as Brent crude oil prices moved higher around the 90 levels.
Index in the last 6 sessions is seen consolidating in a narrow range retracing just 23.6% of its previous 7 sessions sharp up move from 23,606 to 24,774. A shallow retracement of its previous up move in almost equal time interval highlights a higher base formation.
We expect the index to extend the last 6 sessions consolidation and trade in the broad range of 24,200-24,700. Higher crude prices will keep selling pressure at higher levels. However, the broader trend continues to remain positive, as Nifty continues to consolidate above the breakout zone of the three-month triangular pattern and the current breather should be used to accumulate quality stocks. A decisive breakout above 24,700 would confirm the resumption of the uptrend, opening the way towards 25,000–25,200 in the coming weeks.
On the downside, 24,200–24,300 remains the immediate support zone, supported by the previous gap area and the 50-day EMA. While key short-term support is placed at 24,000 levels, index holding above the same will keep the short-term bias positive.
Bank Nifty
Bank Nifty formed a third consecutive bearish candle with a long lower shadow indicating consolidation with corrective bias amid buying demand at lower levels.
The broader 7 weeks consolidation range remains intact between 56,500 and 58,700, we expect the index to extend the current consolidation. Within the consolidation index is facing stiff resistance around 58,000 levels, a move above the same will open upside towards 58,500-58,700 levels while failure to move above 58,000 will lead to consolidation in the broad range of 57,000-58,000.
On the downside, a decisive break below 57,000 (50 days EMA & rising trendline support) would signal extended corrective move towards the 56,500-56,200, which forms the lower band of the broader consolidation channel.
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