Benchmark index Nifty reclaimed 22,800 after six sessions, led by Reliance Industries after Jio Platforms extended debut gains and IT stocks after the US Federal Reserve held interest rates steady as expected.
At 1:22 pm, the Sensex was up 584.61 points or 0.8% at 73,830.64, and the Nifty was up 151.05 points or 0.67% at 22,849.90. About 2,074 shares advanced, 1,802 shares declined, and 160 shares were unchanged.
"Failure to move above 22,830 will signal extension of the last four sessions consolidation in the range of 22,370-22,830. Within the consolidation immediate support is placed at 22,500 being the confluence of Wednesday’s low and retracement of last two sessions pullback," said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.
"On the downside, 22,600/73,000 and 22,500/72,500 are the key support zones, and bullish sentiment is likely to continue as long as the market holds above them. On the upside, 22,850/73,500 is the immediate hurdle for the bulls. A move above it could take the index to 23,000/73,800–74,000. However, if the index falls below 22,500/72,500, sentiment could turn weak and it may slip to 22,350/72,100 or 22,200/71,700," said Shrikant Chouhan, Head Equity Research, Kotak Neo.
"The Nifty index remains range-bound on the daily chart, consolidating within the broader 22,400–22,800 band. Key support is placed at 22,500, where solid buying interest repeatedly emerges, while 22,800 acts as formidable resistance after the index failed to hold 22,700 during market hours. A decisive breakout beyond these levels will trigger the next trending move. With elevated crude oil, US 10-year yields topping 5%, and India VIX above 15, traders should maintain caution and strictly align strategies with the prevailing broader trend," said Vatsal Bhuva, Technical Analyst at LKP Securities.