Indian equity benchmark indices bounced up today after their worst fall in seven months. At close the Nifty was up 137.90 points or 1.03% at 13,466.30. Nifty opened with a small gap up, fell in the initial part of the session, made an intraday low at 1230 pm. It later rose to close at almost intraday highs.
Volumes on the NSE were higher than recent averages. Among sectors, IT, Pharma, Metals, PSU Bank were the main gainers.
HDFC Securities highlights that Asian shares (except India and Thailand) retreated on Tuesday, extending losses on growing worries over a new, potentially more infectious strain of the coronavirus. European stocks recovered some ground early on Tuesday despite concerns over the spread of a new strain of COVID-19.
Nifty has bounced up on Dec 22 after the sharp fall seen on the previous day. On upmoves, nifty 13549-13589 bands could offer resistance while 13192 could offer support. The upward bounce may last 1-2 sessions more.
Markets ended with healthy gains today after the heavy sell off seen on Monday. Buying emerged from the lows of the day and helped to push the Nifty higher. Broad market indices like the BSE Mid Cap index gained more, thereby outperforming the Sensex / Nifty. Market breadth was positive on the BSE/NSE.
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All the sectoral indices ended in the green. The top gainers were the BSE IT, Telecom, Metal and Power indices.
Technically, while the Nifty has rebounded sharply, the short term trend remains down. Immediate supports to watch for resumption of weakness are at 13192-13131. Any further pullback rallies could find resistances at 13550-13598.
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