Q3 Results Today: M&M, NMDC, Muthoot Finance, Natco Pharma, ABFRL, and more to post earnings on February 14

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BSE Sensex jumping 483 points to 71,555, while the Nifty 50 increased by 127 points to 21,743. The benchmark index started the day positively, ticking around 50 points at the opening. However, the rub-off effect of the previous session quickly reversed those gains, pushing prices down within minutes.

Subsequently, the Nifty index dropped below the February 13 low, hitting an intraday low of 21543. Despite this downturn, the market staged a strong rebound, surpassing morning highs and maintaining a positive tone for the rest of the day, eventually closing with a gain of 0.59%, just below 21750. Market uncertainty persists as there's a lack of follow-through movement from the previous day's action.

Nifty has managed to hold onto the key support level of 21500, which represents a 61.8% retracement of the recent rally seen from the levels of 21137 to 22126. This retracement holds significant technical importance, and further selling pressure would likely only emerge if this level is breached. In such a scenario, a decline towards 21350 - 21200 levels could be expected.

On the other hand, while there's no significant change in the higher time frame charts, close attention should be paid to the 21850 level. A move beyond this level on intraday charts could signal a positive development, potentially pushing prices back towards 22000 - 22100. Overall, the index remains range-bound between 21500 and 22100, and a trending move is likely only upon breaking beyond this range.