The Nifty finished the session up 0.6%, closing at 23,000—a 15‑minute intraday break from its previous low of 22,950. The 23,200 mark is the next logical barrier, while 22,800 serves as critical support for sustaining the weekly gain.
The Nifty Bank index mirrored the broader rally, closing above the 55,500 resistance after a 500‑point jump. It briefly flirted with 56,000 but was pulled back by a dip in Yes Bank shares. To maintain the weekly advance, the index must close above 55,250.
Earnings buzz is driving the lift. Wipro reported a 12% YoY revenue rise to ₹1,700 crore, beating consensus, while Tech Mahindra posted an 8% profit jump to ₹1,200 crore. Other names like Nestle India, HDB Financial, and BHEL added to the positive sentiment, though AI‑related AI trade unwind has put pressure on tech‑linked shares.
Technicals are mixed. The Nifty RSI shows a bullish crossover with positive divergence, hinting at momentum, yet the index remains below its 50‑day and 200‑day moving averages. Kotak Securities’ Shrikant Chouhan warns that a fall below 22,800 could reverse the bullish trend, while LKP Securities’ Vatsal Bhuva sees a potential retest of the 38.2% Fibonacci level near 23,180.
Looking ahead, the next trading day will see Federal Bank, Bajaj Housing Finance, and Urban Company release September quarter results. Market participants will also be monitoring the AI sector’s global unwind, which could weigh on Indian IT names. A close above 22,520 is needed for the Nifty to claim a third straight weekly gain, otherwise the rally may stall.