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Below the Market Commentary (closing) for 24th September 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking

Market Closing Commentary

Benchmark indices remained under pressure throughout the session and closed near the day’s low, as rising Brent crude oil prices and elevated US bond yields kept investor sentiment cautious. Volatility remained elevated, led by the Sensex weekly expiry, while broad-based selling weighed on the market.

The Nifty 50 closed 1.64% lower at 23,063, while the Sensex declined 1.67% to close at 73,580.

On the sectoral front, all sectors closed in negative territory, with Financial Services, Metal, Banking, Auto, FMCG and Energy among the key laggards.

The broader market also witnessed significant selling pressure, with the Nifty Midcap 100 declining 2.25% and the Nifty Smallcap 100 falling 1.53%.

Nifty Outlook

Index on the daily chart formed a sizable bearish candle with a lower high and a lower low and a bearish gap above its head (23,350-23,281) highlighting downward bias as the index closed below the last week low of 23,116.

Nifty sustaining below Thursday’s gap down area of (23,350-23,281) will keep the bias down and open further downside towards 22,800-22,700 levels in the coming sessions.

On the higher side 23,500-23,600 will act as major resistance being the last week high and the recent breakdown area and the presence of 20 days EMA. The index needs to form a higher high and higher low formation on a sustain basis and reclaim 23,600 to signal a pause in the ongoing downtrend.

Key support is placed at 22,700-22,800 levels being the 80% retracement of the previous major up move 22,183-24,774.

Bank Nifty Outlook

Bank Nifty formed a sizable bearish candle with a lower high and a lower low and a bearish gap above its head (56,210-55,918) highlighting downward bias as the index closed below the last week low of 23,116

Bank Nifty sustaining below Thursday’s gap down area of (56,210-55,918) will keep the bias down and open further downside towards 54,800-54,500 levels in the coming sessions.

On the higher side 56,700-57,000 will act as major resistance being the last week high and the recent breakdown area and the presence of 20 days EMA. The index needs to form a higher high and higher low formation on a sustain basis and reclaim 57,000 to signal a pause in the ongoing downtrend..

Key support is placed at 54,500-54,000 levels being the confluence of the 80% retracement of the previous major up move 52,784-58,706 and the lower band of the recent range breakdown.

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