On the back of global clues and SGX Nifty, the index opened on the negative note and made an intraday low at 15,505.65 levels. However, the index wiped out early losses and ended the session on a green note at 15,746.50 levels with a gain of 63.15 points.
Bank Nifty also showed strength from the bottom and closed the session at 34,871.30 levels with a gain of 313.30. On the sectoral front, buying was seen in the PSU bank and metal names. However, auto and IT indices remained under pressure. Stocks like Adani Port, SBIN, Titan and Tata Steel were the top gainers. While UPL, Wipro, Hindalco, Maruti and TCS were the top losers.
BSE Midcap index closed 0.82 percent higher while the BSE Smallcap index finished with a gain of 0.83 percent. Nifty Metal rose 1.12 percent and Nifty Bank logged a gain of 0.91 percent.
Sumeet Bagadia, Executive Director, Choice Broking, said on the technical front, "the Index has taken support from 21-EDMA which is placed at 15,569 and bounced from there, which suggests strength for upside in the counter. Furthermore, the Index has formed a Bullish Marabozu candlestick pattern which further adds strength for upside direction. Moreover, an Hourly Oscillator Stochastic has also suggested positive crossover, which indicates bullish strength for the near-term. At present, the Nifty seems to have resistance at around 15,900 levels while immediate support comes at 15,500 levels," he added.
After showing high volatility on Friday, Nifty witnessed another excellent intraday comeback after sharp lower opening on Monday and closed the day higher by 63 points. The intraday upside bounce continued till later part of the session and the opening downside gap has been filled completely.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said the sharp intraday upside bounces from near 15,450-15,500 levels in the previous couple of sessions indicate a strong support zone for the Nifty at the lows. "This could also mean that the swing low of Friday (15450) has confirmed as a higher bottom reversal pattern. Monday's broad-based buying in the Nifty has regained the broken supports of daily 10 and 20 period EMA around 15580 and 15710 levels respectively, as per daily timeframe chart. Any weakness could find support around 15,650-15,600 levels."
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said, if indices manage to close above 15,800/52,800, it could reach 16,000/16050 (53400/53500) star. "On Tuesday, 15,800/52,800 and 15,650/52,400 could be the trading range of the market. The Bank-Nifty moved from 33,900 to close at 34,900, which is remarkable and looks appropriate considering the yield of the bond."