BSE Sensex closed higher by 318.48 points, or 0.96%, to end at 33,351.57 today, while the Nifty50 rose 88.45 points, or 0.87%, to close at 10,242.65 led by banking stocks. Of the 50 Nifty constituents, 26 components closed in the green, while 24 settled in the red zone.
Benchmark indices posted gains today, snapping a six-day losing streak as worries surrounding a trade war eased around the world. US President Donald Trump's import tariff plan may spare select countries from much of the impact. The market failed to capitalise on the strong opening it enjoyed in trade earlier in the day. However, the short covering took the market higher later on.
The Nifty50 snapped a six-day losing streak and formed a Hammer-like pattern on the daily charts today while the RSI indicator turned around from its deep oversold territory, indicating that the pullback rally may continue. During the day, the index respected its 200-day EMA around the 10,140 mark, which is likely to act as a short-term support for the index. If the index now sustains above its immediate resistance at the 10,270 mark, some pullback is possible to the 10,300-10,350 range. On the downside, supports are seen at the 200-EMA at 10,140 level and then at 10,100.