Markets extend gains; Nifty ends above 25,700, PSU banks rally 2%
Among sectors, PSU banks were the top performer, rallying over 2.11 per cent, whereas the Metal index lost the most, shedding over 1 per cent.
Technically, after a gap-down open, the market took support near 25,600/83000 and bounced back sharply. (Image: Freepik)
The benchmark indices continued their positive momentum on Tuesday. The Nifty ended 43 points higher, while the Sensex was up by 174 points. Among sectors, PSU banks were the top performer, rallying over 2.11 per cent, whereas the Metal index lost the most, shedding over 1 per cent.
Technically, after a gap-down open, the market took support near 25,600/83000 and bounced back sharply. On intraday charts, it is holding an uptrend continuation formation and also formed a bullish candle on daily charts, which is largely positive.
“We are of the view that 25,600/83000 and 25,500/82700 remain the crucial support zones for traders. As long as the market is trading above these levels, the bullish momentum is likely to continue. On the higher side, 25,800/83700 would act as an immediate resistance zone for the bulls,” said Shrikant Chouhan, Head-Equity Research, Kotak Securities.
A successful breakout above 25,800/83800 could push the market towards 25,950-26,000/84200-84500. On the flip side, below 25,500/82700, the uptrend would become vulnerable.
