What is the story about?
After a gap-down opening of 110 points at 24,464 on the weekly expiry day, the Nifty slipped further into weakness. The index came under sustained selling pressure during the first half of Thursday's session, dragging it lower
towards 24,350. Bears remained in control for most of the day.
However, bulls staged a strong comeback in the final hour of trade during the weekly options expiry session.
The Nifty recovered nearly 300 points from the intraday low of 24,344 and reclaimed the 24,600 mark. This sharp rebound following heavy intraday selling brought much-needed relief for the bulls.
The index ultimately ended the session with a minor gain of 21 points, closing at 24,596.
Leading the charge among the Nifty's top performers
today were Hero MotoCorp, Tech Mahindra, and JSW Steel. On the flip side, it was a tough session for heavyweights like Adani Enterprises, Adani Ports, and Grasim, which ended as the major losers within the Nifty pack.
The sectoral performance today was characterised by broad-based gains. With the exceptions of Nifty Oil & Gas and Realty, all other sectoral indices ended the day in the green. Leading the charge among these gainers were Nifty Media, Nifty IT, and Pharma, which posted the most significant advances for the session.
The broader market showed commendable resilience, recovering sharply from its afternoon lows alongside the benchmark indices.
The Nifty Midcap 100 ended the day with gains of 0.33%, while the Nifty Smallcap Index gained 0.13%.
Key triggers behind Nifty's 300-point recovery
There were multiple triggers that could have sparked the recovery during the final 60 minutes.
Firstly, the Put-Call Ratio on the Nifty had declined to levels sub-0.7. These are generally levels from where the index stages a bounce. Relative
Strength Index on the Nifty, at one point stood at levels close to 35. An RSI reading below 30 means that the index or stock is "oversold."
Secondly, US President Donald Trump and Russian President Vladimir Putin are expected to meet soon, a development that was confirmed later by the Kremlin. This gave rise to hopes that the Russia-Ukraine war, which has become a thorn for the US to impose tariffs on India, could soon reach a conclusion.
Third, the market also took heart from developments that Russian
President Vladimir Putin is set to visit India later this year, but the timeline of this remains unclear.
What do the Nifty 50 charts indicate?
The Nifty witnessed a roller-coaster session on Thursday, oscillating between 24,350 and 24,650. Although it briefly dipped below 24,400, the index did not sustain at lower levels and recovered smartly in the second half, closing near the 24,600 mark.
Looking ahead, Friday's session will be crucial as the last trading day of the week. Throughout the week, the Nifty faced
selling pressure at higher levels and struggled to sustain upward momentum.
According to Rajesh Bhosale of Angel One, the key level to watch is 24,750, which has acted as a resistance twice this week. A follow-up buying above this zone could confirm the resumption of the primary uptrend.
On the downside, the late surge has reinforced a buy-on-dips approach, Bhosale said. Immediate support is placed at 24,500, followed by Thursday’s low near 24,350, which coincides with the bullish gap zone created on May 12.
Chandan Taparia of Motilal Oswal mentioned that the Nifty needs to hold above the 24,600 zone to extend the recovery towards 24,750 and eventually 24,900. However, a move below 24,600 could trigger fresh weakness, with support seen at 24,442 and then 24,350.
Nagaraj Shetti of HDFC Securities said, "A long bull candle was formed on the daily chart with a lower shadow. Technically, this indicates an early sign of a crucial bottom reversal pattern in the Nifty. A sustained move above the initial hurdle of 24,750 could confirm this reversal.
Crucial support remains at 24,350."
In the short term, the index may continue its recovery; however, immediate resistance is seen at 24,660. A decisive move above this level could push the index towards 24,850. On the downside, support is placed at 24,400 on a closing or sustained basis, according to Rupak De of LKP Securities.
However, bulls staged a strong comeback in the final hour of trade during the weekly options expiry session.
The Nifty recovered nearly 300 points from the intraday low of 24,344 and reclaimed the 24,600 mark. This sharp rebound following heavy intraday selling brought much-needed relief for the bulls.
The index ultimately ended the session with a minor gain of 21 points, closing at 24,596.
Leading the charge among the Nifty's top performers
The sectoral performance today was characterised by broad-based gains. With the exceptions of Nifty Oil & Gas and Realty, all other sectoral indices ended the day in the green. Leading the charge among these gainers were Nifty Media, Nifty IT, and Pharma, which posted the most significant advances for the session.
The broader market showed commendable resilience, recovering sharply from its afternoon lows alongside the benchmark indices.
The Nifty Midcap 100 ended the day with gains of 0.33%, while the Nifty Smallcap Index gained 0.13%.
Key triggers behind Nifty's 300-point recovery
There were multiple triggers that could have sparked the recovery during the final 60 minutes.
Firstly, the Put-Call Ratio on the Nifty had declined to levels sub-0.7. These are generally levels from where the index stages a bounce. Relative
Secondly, US President Donald Trump and Russian President Vladimir Putin are expected to meet soon, a development that was confirmed later by the Kremlin. This gave rise to hopes that the Russia-Ukraine war, which has become a thorn for the US to impose tariffs on India, could soon reach a conclusion.
Third, the market also took heart from developments that Russian
What do the Nifty 50 charts indicate?
The Nifty witnessed a roller-coaster session on Thursday, oscillating between 24,350 and 24,650. Although it briefly dipped below 24,400, the index did not sustain at lower levels and recovered smartly in the second half, closing near the 24,600 mark.
Looking ahead, Friday's session will be crucial as the last trading day of the week. Throughout the week, the Nifty faced
According to Rajesh Bhosale of Angel One, the key level to watch is 24,750, which has acted as a resistance twice this week. A follow-up buying above this zone could confirm the resumption of the primary uptrend.
On the downside, the late surge has reinforced a buy-on-dips approach, Bhosale said. Immediate support is placed at 24,500, followed by Thursday’s low near 24,350, which coincides with the bullish gap zone created on May 12.
Chandan Taparia of Motilal Oswal mentioned that the Nifty needs to hold above the 24,600 zone to extend the recovery towards 24,750 and eventually 24,900. However, a move below 24,600 could trigger fresh weakness, with support seen at 24,442 and then 24,350.
Nagaraj Shetti of HDFC Securities said, "A long bull candle was formed on the daily chart with a lower shadow. Technically, this indicates an early sign of a crucial bottom reversal pattern in the Nifty. A sustained move above the initial hurdle of 24,750 could confirm this reversal.
In the short term, the index may continue its recovery; however, immediate resistance is seen at 24,660. A decisive move above this level could push the index towards 24,850. On the downside, support is placed at 24,400 on a closing or sustained basis, according to Rupak De of LKP Securities.
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