- Nifty 50 rose 1.05% to close at 22,936.75, showing strong bullish momentum
- Sensex gained 1.24% to settle at 74,151 amid increased buying interest
- Crude oil prices remain high, limiting the extent of market gains
The Nifty 50 rose 1.05% to close at 22,936.75 on Wednesday, while the Sensex gained 1.24% to settle at 74,151, as buying interest strengthened in the broader market. The Nifty formed a strong bullish candle, extending its recovery after two sessions of consolidation and moving back above the 22,900 mark.
“Index formed a strong bullish candle with a higher high and a higher low signalling extension of pullback after two sessions of consolidation,” said Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking.
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However, elevated crude oil prices continued to weigh on investor sentiment, limiting the extent of gains. Investors are likely to track movements in crude oil prices and global market cues for further direction, said Ankur Punj, Managing Director at Equirus Wealth.
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“The index moved steadily higher and broke above the 22,900 zone, reflecting improving buying interest. A sustained move above the psychological 23,000 mark could reinforce the recovery and open the way towards 23,200,” said Ponmudi R, CEO of Enrich Money.
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On the downside, 22,800 is the immediate support level, followed by the crucial 22,500 mark. Holding above 22,800 would help sustain the recovery momentum. However, a decisive break below this level could invite renewed selling pressure and weaken the near-term outlook.
Bank Nifty Outlook
The Bank Nifty closed higher despite opening marginally lower, with buying interest emerging near the psychological 54,000 mark. The subsequent recovery was marked by a series of higher highs and higher lows, indicating an improvement in short-term momentum. The immediate resistance zone for the banking index is placed at 55,000–55,200. A sustained breakout above this range could strengthen the recovery and open the way towards the next hurdle at 55,600–55,800.
On the downside, the 54,400–54,600 range, which previously acted as resistance, has now turned into immediate support.
“A sustained hold above this zone would help preserve the recovery, while a decisive break below it could weaken momentum and pull the index towards 54,000–53,800,” said Ponmudi.
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