The Indian markets ended Tuesday’s session in the green, after opening negative in the early morning trade. The Sensex jumped around 200 points and the Nifty closed above the 17500-mark, led by strong buying in metal, pharma, public sector banks, and media indices post second half today.

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The broader markets outperformed the benchmarks, as both the mid and small-cap indices gained nearly 2 per cent at the market close. Even the Nifty Bank ended with gains up almost 150 points or 0.4 per cent to 37,272 levels, led by SBI and HDFC Bank.

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Of 50 scrips on the Nifty, 40 advanced and 10 declined at the close. Power Grid, JSW Steel and Coal India each gained 4 per cent, while Asian Paints, IndusInd Bank and Infosys dragged the market most between 2-3 per cent at the market close on Tuesday.

Sectors such as Oil and Gas as well as Telecom were in focus during today’s market. The former remained under pressure amid reports of the US releasing its emergency oil reserves to keep the rising crude oil prices under control. And, in the latter, Airtel and Vodafone Idea initiated a rate hike.

Latent View Analytics shares witnessed a stellar listing around 169 per cent higher premium on exchanges earlier today. It started its market journey at Rs 530 per share as compared to the issue price of Rs 197 per share at the upper end. The counter witnessed a profit booking and closed nearly 8 per cent lower to Rs 488 per share on the BSE.

Vinod Nair, Head of Research at Geojit Financial Services said, “Domestic equities clawed its way out of the recent downslide boosted by metal, PSU bank and pharma stocks with mid and small caps outperforming the benchmark indices. US markets witnessed a late sell-off yesterday despite the re-nomination of Jerome Powell as the Fed chair.”

On the technical front, Mohit Nigam, Head - PMS, Hem Securities said, “Immediate support and resistance in Nifty 50 is 17200 and 17650 respectively. For Sensex support and resistance is 36700 and 37500 respectively.”

“The Index has taken support from 89 DMA, which suggests a bounce back in the counter. On an hourly chart, the Index has confirmed a Hammer kind of candle which further adds strength to the upside,” Palak Kothari Research Associate at Choice Broking said in post-market comment.

Kothari added, “An Hourly Momentum indicator MACD & Stochastic were trading with a positive crossover which suggests bullish movement is intact.”

“At present, the Nifty has immediate support at 17200 while resistance comes at 17600 levels, crossing above the same can show 17800-17900 levels. On the other hand, Bank nifty has support at 36300 levels while resistance at 38000 levels,” the research associate said.

Vijay Dhanotiya, Lead of Technical Research at CapitalVia Global Research Limited said, “The market witnessed some swift recovery after a reversal from the support at 17200. Market research suggests that sustaining above 17400 will be an important level to stay positive in the short term.” 

“If the market is able to sustain the level of 17400, it can witness a positive momentum in the market which can lead to the levels of 18000. The momentum indicators like RSI and MACD indicating early signs of reversal in the market, Dhanotiya added.