Nifty closed 133 points higher, 0.60% to 22,533, on Monday, after yesterday’s sharp sell‑off that pushed the index below 22,400.
The rebound began with a modest gap‑up, but the index traded a tight 223‑point range before settling 133 points higher. Analysts note the 22,600 level as the next hurdle, where selling pressure emerged during the session.
BSE and ITC led the gains among constituents, while HCL Technologies and Max Healthcare lagged. Sector‑wise, Pharma and Healthcare saw continued pressure, whereas FMCG and Media gained momentum.
Nagaraj Shetti of HDFC Securities warned that any sustained move above 22,600 could trigger a relief rally toward 22,850, but highlighted the 22,800 resistance where lower highs could form. He sees immediate support at 22,400.
Sudeep Shah of SBI Securities emphasized the 22,400‑22,380 zone as a critical support band; a break below could push the index toward the October 1 low at 22,220. He also points to 22,700‑22,720 as an immediate hurdle for an upside breakout.
Rupak De of LKP Securities and Hitesh Rathi of Angel One echo the caution, noting that a decisive drop below 22,400 may revive bearish sentiment, while a sustained rise above 22,600 could offer short‑term respite. The broader structure remains fragile until buying traction consolidates.
Looking ahead, traders will monitor a potential breakout above 22,700 for a bullish run, or a retracement below 22,400 that could reset the index to a new lower swing low. The next key watch‑points are the 22,850–23,000 resistance band and the October 1 low at 22,220.