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Benchmark indices surged over 1 percent on Monday, driven by strong gains in Reliance Industries and private sector banks, alongside steady foreign fund inflows. The rebound helped the markets snap a two-day losing streak that was triggered by concerns over India-Pakistan border tensions.

The Sensex rallied 1,005.84 points or 1.27 percent to close at 80,218.37. During the session, it had jumped 1,109.35 points to touch a high of 80,321.88. Similarly, the NSE Nifty climbed 289.15 points or 1.2 percent to settle at 24,328.50.

Analysts said the bulls are likely to retain control as long as the Nifty holds above the key psychological level of 24,000.

"The Nifty recovered smartly, shrugging off last week's negativity. However, the index continues to remain within a consolidation range," said Rupak De, Senior Technical Analyst at LKP Securities.

He noted that support for the index is placed at 24,000, below which a slide towards 23,800 or even 23,350 cannot be ruled out.

According to De, resistance remains firm at 24,360. "The Nifty might spend more time in the current range unless 24,360 is decisively breached. A move above this level could open the door for a rally towards 24,550, where the 61.80 percent Fibonacci retracement of the earlier decline from 26,277 to 21,743 is placed," he added.

Ajit Mishra, Senior Vice President, Research at Religare Broking, echoed similar views, stating that a decisive breakout above 24,400 could trigger fresh momentum and push the index towards the 24,800 mark.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said the formation of a long bull candle on the daily chart, which has engulfed Friday’s negative candle, indicates the absence of follow-through selling after last week’s pullback.

"The Nifty is positioned at the edge of an upside breakout above the immediate hurdle at 24,360 levels. The near-term trend remains positive," Shetti said. A sustained move above 24,400, he added, would negate the recent short-term bearish pattern and set the stage for a sharp rise towards the 24,600-24,800 range. Immediate support is seen at 24,050.

On the Bank Nifty, Hrishikesh Yedve, said "on the daily chart, Bank Nifty formed a bullish engulfing candlestick pattern settling at 55,433 levels, reflecting strength in the index. On the upside, all time high around 56,100 will act as immediate resistance level, for Bank Nifty index and if index manages to sustain above these levels, then the rally can stretch upto psychological level of 57,000. On the downside, newly formed Bullish engulfing’s low around 54,580 will act as immediate support for the index, followed by previous breakout level around 54,450 levels."

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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