Stock market rebounds at close; Sensex gains 57.65 points, Nifty up by 30.25

Mumbai (Maharashtra) [India], February 17 (ANI): The Indian stock market recovered from early losses and ended Monday's trading session in positive territory.

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The BSE Sensex closed 57.65 points higher at 75,996.86, while the NSE Nifty gained 30.25 points, settling at 22,959.50.

Among the Nifty 50 stocks, 34 recorded gains, whereas 16 declined. Leading the gainers were Adani Enterprises, Bajaj Finserv, IndusInd Bank, Power Grid, and Adani Ports. On the losing side, Mahindra & Mahindra (M&M), Bharti Airtel, Infosys, TCS, and ICICI Bank saw declines.

Shrikant Chouhan, Head of Equity Research at Kotak Securities, noted that despite a weak opening, the markets saw an intraday recovery.

"Today, after a weak open market that witnessed intraday recovery, the Nifty ends 30 points higher while the Sensex was down by 58 points. Among Sectors, Healthcare and Pharma indices gained over 1 percent, whereas the Defence index lost the most, showing nearly 3 per cent," he said.

Chouhan highlighted key technical levels, stating that as long as Nifty remains above 22,800 and Sensex above 75,500, the pullback rally may continue, with potential upside targets of 23,000-23,075 for Nifty and 76,200-76,500 for Sensex.

However, a fall below 22,800/75,500 could lead to further correction towards 22,650-22,725 for Nifty and 75,000-75,300 for Sensex.

VLA Ambala, Co-Founder, Stock Market Today, said, "On the market front, Nifty is currently sitting near a crucial support trendline, influencing overall sentiment, by forming a Death Cross pattern on 13th February 2025, by closing at its 50-week EMA. Notably, this trend highlights a sell-on-rise possibility, and we can expect its monthly RSI at 57."

She added, "According to the market analysis, the ideal strategy for market participants would be to sell on the rise to capitalize on this movement, with 22,800 acting as a critical support level. However, if the price closes below this range, then it can trigger bearish market sentiments in the future."

The recovery in late trading suggests strong buying support at lower levels, but the short-term trend remains cautious amid global and domestic market cues. Investors will closely watch upcoming economic data and global trends for further market direction. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)