Markets staged a strong recovery on October 13, gaining over 1.5 percent and extending the rebound amid the prevailing consolidation phase. After opening on a cautious note, the benchmark indices recovered steadily through the session, gaining further momentum in the final hour. Consequently, the Nifty closed near the day’s high at 22,721.95, while the Sensex advanced to settle at 73,033.78.
On the sectoral front, IT led the gains, supported by strong quarterly results from HCL Technologies and continued strength in TCS. Realty and FMCG stocks also contributed to the rebound, while pharma and energy remained mixed. Broader-market performance was mixed, with the smallcap index ending largely flat, while the midcap index gained nearly 1%.
Analysts gave key trading levels for markets after today's bullish session.
"From a technical perspective, the Nifty’s recovery above 22,700 offers near-term relief following the recent sharp correction. However, the 22,900 level, coinciding with the 20-day exponential moving average (20-DEMA), is likely to act as the immediate hurdle, followed by the 23,000–23,200 zone. On the downside, the 22,300–22,500 zone is likely to provide immediate support. Despite the sharp rebound, persistent macroeconomic uncertainties warrant a cautious approach, with a preference for selective stock-specific opportunities and disciplined risk management," said Ajit Mishra, SVP – research, Religare Broking.
"A long bull candle was formed on the daily chart that has engulfed the Monday's long bear candle completely on the upside. This market action indicates sharp comeback of bulls from the lows. This alternative movement candle pattern signals high volatility in the market around the crucial support of 22,200 levels. The Nifty is stuck within a broader high low range of 22,800-22,300 levels. A decisive move above the immediate resistance of 22800 could confirm important bottom reversal pattern for the market and that is likely to open further short covering in Nifty ahead. Any weakness could find support around 22,550," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.