The NSE Nifty 50 index settled 0.91% higher at 19,690, while the S&P BSE Sensex rose 0.87% to 66,079.
Here's how analysts read the market pulse:
«The pullback is likely to continue till 19,778 which is the 20-day moving average (19770). Beyond that, it has the potential to stretch higher till 19,883 which is the 61.82% Fibonacci retracement level of the entire fall from 20222 till 19333.
On the downside, the swing low of 19480 is likely to act as a short-term support,» said Jatin Gedia, Sharekhan by BNP Paribas.
Rupak De, Senior Technical analyst at LKP Securities, said, «On the hourly chart, Nifty has broken out of an inverted Head and Shoulders pattern. In the short term, the index is expected to maintain its strength.
A decisive move above 19,700 points could potentially propel the index towards the range of 19,850 to 19,900. The support level is situated at 19,600.»
That said, here’s a look at what some key indicators are suggesting for Wednesday's action:
US market
Wall Street's main indexes advanced on Tuesday as U.S.
Treasury yields retreated following dovish comments from Federal Reserve policymakers overnight, though caution prevailed amid escalating tensions in the Middle East.
The 10-year Treasury yield came off its 16-year peak on Tuesday, as trading resumed in the U.S. bond market after Columbus Day, also known as Indigenous Peoples' Day.
Top ranking Fed officials indicated rising yields on long-term U.S.
Treasury bonds could steer the central bank from further increases in its short-term policy rate.
At 9:39 a.m. ET, the Dow Jones Industrial Average was up 38.01 points, or 0.11%, at 33,642.66, the S&P 500 was up 7.11 points, or 0.16%, at 4,342.77, and the Nasdaq Composite was up 24.71 points, or