Indian equities witnessed a strong bullish session on October 15, with the Nifty closing at 22,997.35, up 374.65 points (+1.66%). The index opened higher by around 48 points from the previous close and touched an intraday low of 22,637.40 during the opening minutes, before witnessing a sharp upside rally. Strong buying momentum lifted the index to an intraday high of 23,056.40, followed by mild profit booking before it closed at 22,997.35. The session reflected a notable improvement in market sentiment, with buyers maintaining control for most of the day.
On the sectoral front, IT, Auto, Financial Services, Realty and Pharma were the key gainers, while PSU Banks, Media, FMCG and Energy remained the major laggards.
"Nifty on Thursday session tested the resistance area of 23,000-23,100 being the confluence of recent breakdown area and the retracement of previous decline. Going ahead, a move above 23,100 will signal extension of the current pullback towards 23,500 levels. Failure to move above 23,100 will signal consolidation in the range of 22,600-23,100.
"On the higher side, the index needs to start forming higher high and higher low on a sustained basis in the weekly chart and reclaim 23,100 levels being the recent breakdown area to signal a pause in the last 2 months sharp decline," said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking Market Closing Commentary.
"Technically, the Nifty decisively cleared the key 22,776 resistance, validating last week’s Doji on the weekly chart and pointing to a continuation of the ongoing pullback. The index closed above its 20-day simple moving average for the first time since August 14, while both RSI and MACD turned bullish on the daily chart—reinforcing the emerging uptrend. The earlier 22,776-22,800 resistance band is now likely to act as immediate support. On the upside, 23,100–23,150 is the next resistance band; a sustained break above it could open the path toward the 50% retracement near 23,490," said Nandish Shah - Deputy Vice President, HDFC Securities.