The benchmark equity indices ended Wednesday’s trading session slightly higher after continued volatility during the day. The NSE Nifty 50 gained 73.85 points or 0.34% to settle at 21,618.70 points. While S&P BSE Sensex closed 271.50 points higher or 0.38% to settle at 71,657.71 points. Nifty Bank ended higher by 118.20 points or 0.25% to settle at 47,360.85 points.

The broader indices ended in positive territory, with Nifity 50 and microcap stocks leading the gains. On the sectoral front, Media and Metal stocks led the gains.

Adani Enterprises, Cipla, Reliance Industries, HCL Technologies, and Hero MotoCorp were the top gainers on the NSE Nifty 50, while the laggards include Divi’s Laboratories, NTPC, Bharat Petroleum Corporation, Oil and Natural Gas Corporation, and Power Grid. The Indian Volatility Index (India VIX) closed down by 3.37%.

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“The Nifty witnessed yet another volatile day of trade today. It witnessed wild swings in both directions however, the Bulls managed to defend support zone and the Nifty closed in the green up ~80 points. On the daily charts we can observe that the Nifty has held on to the support zone of 21500 – 21460 where support in the form a Fibonacci retracement level and the crucial 20 day moving average (21489) was placed,” said Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas. 

Buying interest has emerged from crucial support zone and the hourly momentum indicator has triggered a positive crossover which is a buy signal. Thus, both price and momentum indicator are suggesting continuation of the positive momentum, he said.

On the upside initial hurdle is placed at 21730 – 21750 while immediate support is placed at 21520 – 21500, said Gedia.

Bank Nifty witnessed a gap down opening however it lacked follow through selling pressure. In fact it witnessed buying interest from the support zone 46900 – 47000 and closed in the green, Gedia said. 

We expect the Bank Nifty to continue with the positive momentum going ahead. Initial hurdle is placed at 47550 – 47680 while support zone is placed at 47100 – 47000, he said.