Nifty and Sensex rise for fourth straight session on Tuesday
Market sentiment improved due to falling crude oil prices, strong corporate earnings, and increased foreign investor activity, according to Mint.
Indian benchmark indices continued their upward trend for a fourth day on Tuesday. The Sensex rose 666 points, or 0.87 per cent, to an intraday high of 76,358.79, while the Nifty 50 gained 170 points, or 0.7 per cent, to reach 23,610.70.
According to Mint, the rally was supported by declining crude oil prices, with Brent crude trading around $105 a barrel. Improved foreign investor flows and strong corporate earnings also boosted sentiment. On Monday, foreign portfolio investors (FPIs) were net buyers of equities worth ₹31.15 billion, while domestic institutional investors (DIIs) were net sellers of ₹3.92 billion.
Religare Broking stated that the immediate support for the Nifty is around 23,200. The brokerage noted that fresh put writing at the 23,200 and 23,300 strikes provides a downside cushion, while call open interest at 23,500 and 23,600 acts as a hurdle.
Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking, said the Nifty closed above its 50-day EMA and the previous month's high of 23,175. He suggested that holding above the 23,118–23,207 zone could extend the recovery towards 23,700–23,800.
Hitesh Tailor, Research Analyst at Choice Broking, observed that the index rebounded from the 200-week EMA and a rising trendline. He identified 23,200 as immediate resistance and placed immediate support at 22,850, followed by 22,600–22,400.