The Indian stock market indices closed in the green on Wednesday after reversing all of their morning losses during the last-hour trade. Since then the bullish momentum has strengthened even more on the back of positive US-Iran war cues and a declining crude.
"On the daily chart, Nifty formed a sizeable bullish candle, reflecting the stronger presence of buyers over sellers during the session," said SBI Securities' head of Technical and Derivatives Research Sudeep Shah.
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Accordingly, immediate resistance for Nifty is placed in the 23,800-23,850 zone. On the flipside, immediate support for the index lies in the 23,500-23,450 zone
"As the intraday market texture is non-directional, level-based trading would be the ideal strategy for day traders," advised Shrikant Chouhan, Head Equity Research at Kotak Securities
At 11:12 p.m. (IST), Gift Nifty traded at 23,815.5 levels, up nearly 0.6%, indicating a gap-up start for the Indian stock market.
Nifty Bank
The bank Nifty index consolidated to move higher after a gap down opening on Wednesday. However, analysts anticipate the index to remain range-bound.
"Going ahead, the immediate support for Bank Nifty is placed in the 53100-53000 zone. Any sustainable move below this zone could result in Bank Nifty extending its weakness towards 52700, followed by 52400 in the short term. On the upside, the immediate resistance for the Index is placed in the 53900-54000 zone," said Shah from SBI Securities
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Market Recap
The NSE Nifty 50 rose 0.17% to close at 23,659.00, while the BSE Sensex gained 0.16% to end at 75,318.39. Both indices had fallen as much as 0.9% earlier in the session before recovering.
Nifty Oil & Gas was the top-performing sector, while FMCG lagged. Bank and Metal indices snapped a three-day losing streak, while Pharma and IT ended lower after recent gains.
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