After Friday’s decline, the index started the session 66 points higher and extended gains by another 168 points in early trade. However, the momentum faded quickly, with the Nifty reversing sharply within the first half hour and sliding 286 points by noon.
In the latter half of the session, the index recovered from intraday lows, helping it retain a mildly positive bias.
The price action indicates that while volatility remains elevated, buying interest continues to emerge on dips.
Eventually, the Nifty ended the day 121 points higher at 24,119.
Among index heavyweights, Adani Ports, Eicher Motors and Jio Financial Services led the gains, while Kotak Mahindra Bank, Bharti Airtel and Dr Reddy’s Laboratories were among the top laggards.
Sectorally, most indices ended in the green, with Realty, Metals and Healthcare outperforming. IT, Media, PSU Banks and Private Banks closed lower.
Broader markets mirrored the benchmark, with the Nifty Midcap 100 and Smallcap 100 indices gaining 0.63% and 0.7%, respectively.
On the technical front, Nagaraj Shetti of HDFC Securities said a decisive move above 24,300 could open further upside towards 24,600-24,800 in the near term, while failure to sustain at higher levels may lead to continued consolidation.
Nilesh Jain of Centrum Finverse said a breakout above 24,200 is key for extending the upmove towards 24,500.
Jain added that the broader structure remains positive as long as the index holds above 23,800, although near-term consolidation cannot be ruled out. Immediate psychological support is placed at 24,000, followed by the 21-DMA near 23,900.
Nandish Shah of HDFC Securities said that the index has been consolidating around its 50-DEMA near 24,185 over the past five sessions.
He sees support at 23,800, while 24,334 and 24,600 may act as near-term resistance levels.
Sudeep Shah of SBI Securities said the immediate resistance zone is placed between 24,250 and 24,300. A sustained move above this range could push the index towards 24,450 and 24,600 in the short term. On the downside, support is seen in the 23,950–23,980 zone.
