Mumbai: The market bounced back Thursday after two negative trading days led by strong monthly business updates of leading banks, emphasising robust credit growth, said Vinod Nair, Head of Research at Geojit Financial Services.
At close Thursday, Sensex was up 490.97 points or 0.69 per cent at 71,847.57, while the Nifty was up 141.30 points or 0.66 per cent at 21,658.60
The realty sector was the highest gainer in anticipation of robust demand in the residential category, which was supported by healthy housing loans disbursement data announced by banks.
The Asian markets engaged in profit-booking as US Fed minutes indicated that rates will be put on-hold in the near-term, Nair said.
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty’s swift recovery following two bearish days indicates continued dominance by the bulls in the market.
“The present sentiment suggests a promising trajectory towards 21,800-21,850 for the Nifty. If it surpasses 21,850, we might anticipate a further climb towards 22,000.” De said.
Notably, the index appears to have a short-term support level around 21,500. A downward shift would likely initiate only if it falls below this mark; until then, it seems favorable for the buyers to take advantage of market dips, he added.
IANS