The Indian stock market indices ended the session on a bullish note on Wednesday, lifted by a sustained buying interest and easing crude oil prices.
Going ahead, analysts expect volatility to remain elevated amid uncertain global cues, firm crude oil prices, and ongoing geopolitical tensions.
"Going ahead, a move above Wednesday's high of 23,465 could extend the pullback towards 23,800 levels," said Bajaj Broking Research. While on the flipside, key support has shifted higher to 23,060, as per Vinay Rajani, Senior Technical Research Analyst, HDFC Securities.
Accordingly, Shrikant Chouhan, Head Equity Research at Kotak Securities advised traders to exit long positions if the index falls below 23,000 levels.
Bank Nifty
Uncertainty in the Bank Nifty index will continue to remain heightened on account of whiplashing geopolitical tensions.
In such a situation, 54,700 levels are immediate resistance for the index, while on the downside a breach below 51,323 will open further downside towards 50,700 and 50,000, outlined Bajaj Broking.
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Market Recap
Indian equity benchmarks closed higher on Wednesday, extending gains to a second consecutive trading session. The BSE Sensex ended 1.6% or nearly 1,200 points higher at 75,273 and the NSE Nifty 50 rose as much as 1.7% to 23,306.
The broader markets outperformed the benchmarks with the Nifty Midcap 150 and Nifty Smallcap 250 adding over 2%. More than 2,800 stocks on the BSE ended in green and nearly 1,300 in red.
HDFC Bank and Larsen and Toubro added the most points to the Nifty. Shriram Finance and UltraTech Cements were the top gainers on the blue-chip counter.
All 12 sectoral indices on the NSE ended higher. The Nifty PSU Bank and NSE Realty gained the most.
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