The Nifty recovered from Monday's lows to close with minor gains, supported by buying trends in IT and pharma stocks, though selling pressure in banks, auto and metals sectors weighed on overall performance. According to The Economic Times, the index witnessed a sharp recovery during the day after forming a harmonic pattern on lower timeframe charts. Rupak De, Senior Technical Analyst at LKP Securities, noted that the index is now facing resistance near the 61.8% Fibonacci retracement level of the previous decline, positioned around 23,650. A decisive move above this level could trigger a short-term rally towards 24,000 and higher levels, with immediate support placed near 23,400.
PB Fintech (Policybazaar) has demonstrated strong bullish recovery after rebounding sharply from lower levels and reclaiming its key short- and medium-term moving averages. As reported by The Economic Times, the stock is currently witnessing a breakout above the recent consolidation zone near ₹1,700, indicating renewed buying interest and strengthening momentum. Kunal Kamble, Sr. Technical Research Analyst at Bonanza Portfolio, highlighted that RSI is sustaining above the 70 mark, reflecting positive momentum and continued accumulation despite entering overbought territory. Price action suggests formation of higher highs and higher lows, supporting the ongoing uptrend structure.
Great Eastern Shipping has delivered a decisive breakout above the long-term resistance zone near ₹1,550, supported by a sharp surge in volumes and strong bullish price action. According to The Economic Times, the stock is trading firmly above all major moving averages, indicating a well-established uptrend and sustained buying interest. RSI has moved above the 70 mark, reflecting strong momentum and continued accumulation despite entering overbought territory. The breakout from the prolonged consolidation range signals potential continuation of the broader upward trend, with immediate support placed around ₹1,520–1,550.
Despite the recovery, sustained elevation in India VIX above 18.50 is likely to keep optimism in check and may continue to induce volatility in the near term, as reported by The Economic Times. Stock-specific buying interest continues to remain visible, indicating selective strength in the broader market. The combination of technical breakouts and selective buying patterns suggests cautious optimism for specific opportunities while broader market volatility persists.
