Market Commentary (closing) for 13th August 2026 by Bajaj Broking
Market Closing Commentary
Indian benchmark indices opened on a flat note but remained under pressure throughout the session, with the benchmark trading below key levels. The weekly Sensex expiry kept volatility elevated and resulted in choppy, range-bound price action, with the indices lacking a clear directional move. Selective buying in broader market stocks, however, helped limit the downside. At close, the Nifty 50 declined 0.16% to settle at 24,395, while the Sensex advanced 0.15% to close at 78,079.
On the sectoral front, Nifty Metal and Cement emerged as the key laggards, witnessing selling pressure during the session. On the positive side, Nifty Realty and FMCG remained the top-performing sectors, supported by selective buying interest. The broader market continued to show resilience and outperformed the benchmark indices. The Nifty Midcap 100 index gained 0.15%, while the Nifty Smallcap 100 index advanced 0.27%, indicating sustained participation across the broader market despite the subdued performance of the frontline indices.
Nifty Outlook
Index formed a small bearish candle which remained enclosed inside previous session price range signaling consolidation with a corrective bias around the 20 days EMA. Nifty in the last three sessions has similar open and high highlighting profit booking at higher levels. Index need to break the sequence and start forming higher high and higher low in the daily chart to signal resumption of the up move.
Index in the last 8 sessions is seen consolidating in a narrow range retracing just 38.2% of its previous 7 sessions sharp up move from 23,606 to 24,774. A shallow retracement of its previous up move highlights a higher base formation. We believe the current breather should be used to accumulate quality stocks. While a decisive breakout above 24,700-24,800 levels would confirm the resumption of the uptrend, opening the way towards 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.
Bank Nifty Outlook
Bank Nifty formed a small bearish candle which remained enclosed inside previous session price range signaling consolidation with corrective bias around the 20 days EMA. The broader 7 weeks consolidation range remains intact between 56,500 and 58,700. We expect the index to extend the current consolidation and only a breakout and breakdown will signal a directional momentum.
Within the consolidation index is facing 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.
In the smaller time frame Bank Nifty in the last 8 sessions is seen consolidating in a narrow range retracing just 50% of its previous 7 sessions sharp up move from 56,023 to 58,248. A shallow retracement of its previous up move highlights a higher base formation. We believe the current breather should be used to accumulate quality stocks. On the downside, a decisive break below 57,000 (50 days EMA & rising trendline support) would signal extended corrective move towards the 56,500, which forms the lower band of the broader consolidation channel.
Above views are of the author and not of the website kindly read disclaimer
