The NSE Nifty 50 index rose 0.45% to 21,840, while the S&P BSE Sensex settled 0.39% higher at 71,833. Both the blue-chip indices had lost about 1% earlier in the session.
Here's how analysts read the market pulse:
«On the daily charts, we can observe that Nifty has held on to the support zone of 21,550 – 21,530 and witnessed a sustained buying interest throughout the day. On the hourly charts, the index has reached the upper end of the falling channel, which can lead to some consolidation with a positive bias. On the upside, the immediate hurdle is placed at 22,000 – 22,020 where the daily upper Bollinger band is placed whereas now the support shifts upwards towards 21,650 – 21,670,» said Jatin Gedia – Technical Research Analyst at Sharekhan.
Rupak De, LKP Securities, said, «A decisive move above 21,850 might trigger a strong rally in the market. Beyond 21,850, the Nifty could potentially move towards 22,200. Support for the near term is positioned at 21,700.»
That said, here’s a look at what some key indicators are suggesting for Thursday's action:
Wall Street gained some steam on Wednesday after a selloff in the prior session on a hot inflation report, while Nvidia topped Alphabet's market value to become the third-most valuable U.S. company.
Nvidia overtook Google-parent Alphabet's stock market capitalization, days before the poster child of AI boom is due to report its fourth-quarter results. Their shares were up 1.8% and 0.2%, respectively.
Other rate-sensitive megacaps Meta Platforms and