Benchmark stock market indices rallied on Wednesday, boosted by the news of DA hike approval and RBI’s MPC announcements.
The S&P BSE Sensex jumped 715.64 points to end at 80,983.31, while the NSE Nifty50 added 225.20 points to close at 24,836.30.
Vatsal Bhuva, Technical Analyst at LKP Securities, said, “Nifty closed Wednesday’s session with a strong bullish candlestick after the RBI policy outcome and auto sales data, reclaiming levels above its 100-day EMA at 24,750, which earlier acted as resistance.
“The index has also retraced 61% of the Fibonacci move between the September 1 low and September 18 high at 25,453. On the derivative front, heavy put writing at 24,700–24,800 suggests a higher base, with maximum OI at 25,000. Overall, sentiment has turned positive, with support at 24,700 and resistance at 25,000–25,100,” he added.