Nifty finished Thursday 53 points, 0.23%, above the prior close, landing at 23,270. The index opened 22 points lower, found early‑session momentum, but a mid‑day pullback capped the gains.
Sector leaders painted the day: HDFC Life, Tata Motors Passenger Vehicles and SBI Life topped the gains, while ONGC, Titan Company and HDFC Bank posted the biggest losses. The rally was mirrored in the mid‑cap and small‑cap segments, which rose 0.72% and 0.76% respectively.
The rupee traded in a tight band, ending 3 paise higher at 95.93 against the dollar after a hawkish Fed stance and softer Asian peers. Brent crude slipped 1.5% to $103.80, easing some supply‑side pressure.
Siddhartha Khemka of Motilal Oswal flagged the Fed’s 25‑basis‑point hike to 3.75‑4.00% and projected another 25‑basis‑point move by December, lifting the policy rate to 4‑4.25% and keeping a hold through 2027.
Nandish Shah of HDFC Securities warned that the recent pullback has not restored bullish confidence. He places immediate support at 23,200 and sees 23,500 as a potential breakout level. Hitesh Rathi of Angel One notes 23,450‑23,500 as the near‑term resistance, while Rupak De of LKP Securities sees 23,300 as the next key support zone.
Looking ahead, the Nifty is likely to stay confined to the 23,300‑23,500 corridor until a decisive move above 23,500 materialises. A break below 23,200 could trigger a retrenchment toward 23,000, while a rally past 23,500 would signal a fresh recovery.