Markets bounce back from intra-day lows! Sensex up 480 points, Nifty closes above 22,550 led by PSU banks and pharma stocks

financialexpress.com:

The Indian equity indices on Thursday recovered from intra-day lows after a weak start. Sensex advanced 486 points or 0.66% to close the day’s trading at 74,339.44. The Nifty 50 closed 167.95 points or 0.75% higher after a volatile session at 22,570.35. The gainers included Axis Bank, SBI, Dr Reddy’s Lab, JSW Steel, and Nestle India. The Indian Volatility Index (India VIX) was up 4.38%. 

The Nifty Midcap 100 jumped 236 points or 0.47% to finish the session at 50,228.50. Nifty Bank closed the day’s trading 306 points higher at 48,494.95. 

On the sectoral front, PSU banks and pharma stocks led the indices higher. In the broader indices, smallcap and midcap stocks closed in the green. 

“The Bulls finally had their day as the Nifty ended with a significant green candle following a series of small candles, suggesting meaningful buying activity during the day. Moreover, the index continues to stay above the 21-day Exponential Moving Average (EMA), which is a critical near-term moving average. Additionally, the momentum indicator RSI is showing a bullish crossover, indicating positive momentum in the index value. Over the short term, the index might remain strong with an upside potential ranging between 22750-22800. On the lower end, support is placed at 22450,” said Rupak De, Senior Technical Analyst at LKP Securities.

“In today’s trading session, the BankNifty index exhibited significant bullish strength as it surpassed the immediate hurdle of 48300. This momentum reflects a strong comeback by the bulls. The index remains in a buy mode, with robust support noted at 48000, where the highest open interest is observed on the put side. Additionally, during today’s session, the index found strong support at its 20DMA, leading to a