After opening 67 points higher, the index witnessed early selling pressure, slipping over 250 points from the morning high within the first two hours. However, post 11:15 am, the Nifty staged a sharp recovery, surging more than 450 points from the day’s low to close near the highs.
The Nifty rose 255 points to settle at 22,968, marking its third consecutive session of gains.
The index has not risen for more than three straight sessions since the onset of the US-Iran conflict in late February, and a further gain in the next session would break that streak.
Among index heavyweights, Trent, SBI Life and Titan led the gains, while Reliance Industries, ONGC and Max Healthcare were among the top laggards.
Sectorally, all indices ended in the green except Oil & Gas and Media, with Consumer Durables, PSU Banks and Realty leading the rally.
Broader markets outperformed the benchmarks, with the Nifty Midcap 100 rising 1.52% and the Smallcap 100 gaining 1.29%.
According to Nagaraj Shetti of HDFC Securities, the short-term trend for the Nifty remains positive.
A sustained move above the immediate resistance of 23,000 could push the index towards the 23,500 level, while immediate support is seen at 22,600.
Nilesh Jain of Centrum Finverse said the overall structure is gradually turning positive, indicating a potential move towards 23,200 and 23,400 levels. He added that support has shifted higher to the 22,500 zone.
Vinay Rajani of HDFC Securities said that the Nifty is witnessing follow-up buying, with the short-term trend turning bullish.
He expects resistance at 23,465, with interim hurdles at 22,800 and 22,540.
Meanwhile, the Bank Nifty extended its gains for a third straight session, rising 1,060 points to close at 52,609. All constituents ended higher, with Axis Bank gaining 4%.
Sudeep Shah of SBI Securities said the 53,000-53,100 zone will act as an immediate hurdle for the Bank Nifty. A sustained move above 53,100 could extend the rally towards 53,600 and 54,100, while the 52,100-52,000 zone is expected to provide strong support in the near term.
