The recovery, however, remained capped around the 22,600 level, where selling pressure emerged. While the session marked a pause in the recent decline, analysts said sustained buying will be crucial for the index to establish a meaningful directional recovery.
Among Nifty constituents, BSE and ITC were the top gainers, while HCL Technologies and Max Healthcare were the major laggards. At the sectoral level, Nifty Pharma and Nifty Healthcare remained under pressure, while Nifty FMCG saw renewed buying interest. Nifty Media also gained during the session.
The broader market also staged a relief rebound, suggesting a pause in the recent selling pressure. The Nifty Midcap 100 index gained 0.67%, while the Nifty Smallcap 100 index advanced 0.47%.
Nagaraj Shetti of HDFC Securities said further upside could face strong overhead resistance around 22,800, where selling pressure could emerge from the formation of lower highs. He sees immediate support at 22,400.
Sudeep Shah of SBI Securities said the 22,400-22,380 zone could act as immediate support. A decisive break below this zone could revive selling pressure towards 22,220, which coincides with the October 1 low. On the upside, 22,700-22,720 could act as an immediate hurdle, and a sustained move above this zone could trigger a relief rally towards 22,850. However, the broader structure remains weak until sustained buying traction emerges.
Rupak De of LKP Securities said market sentiment remained weak, with support placed at 22,400. A decisive break below this level could trigger a resumption of the bearish move, while a sustained move above 22,600 could provide some short-term respite.Hitesh Rathi of Angel One said the 22,430-22,400 band is an immediate support zone, followed by a crucial support range at 22,200-22,100. On the upside, 22,600-22,650 is an immediate hurdle, followed by strong resistance in the 22,850–23,000 zone.