IGI Logo

Below the Market Commentary (closing) for 28th September 2026 by Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking

Market Closing Commentary

Indian benchmark indices started the week on a weak note, with the Nifty slipping below the 22,800-mark intraday amid broad-based selling. pressure intensified as the session progressed, with the Nifty moving closer to a six-month low, weighed down by weak global cues, elevated crude oil prices, and bond yields, persistent FII selling and heightened geopolitical uncertainty following the stalemate in US-Iran peace talks.

The Nifty 50 closed 1.56% lower at 22,780, while the Sensex declined 1.52% to close at 72,771.

On the sectoral front, all sectors closed in negative territory, with PSU Banks, Realty, Energy and Banking among the key laggards.

The broader market also witnessed significant selling pressure, with the Nifty Midcap 100 declining 1.63% and the Nifty Small cap 100 falling 1.85%.

Nifty Outlook

The Nifty formed a sizeable bearish candle, making a lower high and lower low, indicating continuation of the prevailing downtrend. The index opened on a weak note and slipped below last week’s low of 23,020 in the early trade. It extended its decline through the session and closing below the 22,800 marks.

A decisive break below 22,700 could intensify selling pressure and drag the index towards 22,400, where the trendline joining the major lows of the past two years and the 200-week EMA provide important support.   

On the upside, a meaningful trend reversal would require the index to form a sustained Higher High–Higher Low structure and reclaim the 23,000-23,100 level. A sustained move above 23,100 could signal a pause in the ongoing correction and pave the way for an upside move towards the next major resistance zone around 23,400. 

Bank Nifty Outlook

The index has formed a sizeable bearish candle with a lower high and a lower low, indicating continuation of the prevailing downtrend. The index opened on a weak note and slipped below last week’s low of 55,341 in the early trade. It slipped below 55,000 levels in the mid-session and closed below the 54,500 mark.

A follow through weakness could intensify selling pressure and drag the index towards 53,500 being the confluence of the previous major lows and measuring implication of the recent range breakdown (58,500-56,000) signaling downside towards 53,500 levels.

On the upside, a meaningful trend reversal would require the index to form a sustained Higher High–Higher Low structure and reclaim the 55,000 level. A sustained move above 55,000 could signal a pause in the ongoing correction and pave the way for an upside move towards the next major resistance zone around 55,700

Above views are of the author and not of the website kindly read disclaimer