India’s benchmark indices, the Nifty and Sensex, ended their eight-day losing streak, led by private banks, auto, and IT stocks. The broader Nifty closed Wednesday’s session with a strong bullish candlestick following the RBI policy outcome and auto sales data.
Commenting on the day’s action, Vatsal Bhuva, Technical Analyst at LKP Securities, said the Nifty reclaimed levels above its 100-day EMA at 24,750, which had previously acted as resistance. “The index has also retraced 61% of the Fibonacci move between the September 1 low and September 18 high at 25,453. On the derivative front, heavy put writing at 24,700–24,800 suggests a higher base, with maximum OI at 25,000. Overall, sentiment has turned positive, with support at 24,700 and resistance at 25,000–25,100,” Bhuva added.
