2026-02-09 22:23:14
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Nifty steadies after gap-up, recovery attempts gain traction
Nifty Rises Sharply on Strong Global Cues, Closes at One-Month High
Market Commentary
Nifty steadies after gap-up, recovery attempts gain traction
Posted On : 2026-02-09 19:49:20( TIMEZONE : IST )
Om Mehra, Technical Research Analyst, SAMCO Securities
Nifty ended the session at 25,867.30, up 0.68%, extending the recovery after opening with a clear gap-up. The index formed a bullish candle and managed to hold the early gains. Sustaining above the gap zone indicates acceptance above recent breakout levels and keeps the index positioned for a retest of higher resistance zones.
The index is now trading above the 50-day SMA, which is placed near 25,800, while the 20-day SMA is placed near 25,450. Importantly, the rebound has led to a bullish crossover among short-term moving averages, strengthening the near-term outlook.
On the daily chart, the recovery from recent lows has retraced toward the 0.382 Fibonacci level near 25,663, and the index is now consolidating above this zone. The RSI has improved to around 56, moving back above the mid-zone, while the DMI setup shows the positive directional line gaining strength.
On the downside, 25,750 remains the immediate support zone, followed by 25,650. On the upside, 26,000-26,100 remains the key resistance band.
Nifty appears to be gaining traction on the higher side. Holding above the gap support and short-term averages will be important to sustain strength, while failure to hold these levels may lead to profit booking.
Nifty Bank ended the session at 60,669.35, up 0.91%. The index opened strong and held on to its gains throughout the session.
The index is holding above all key moving averages, with a positive crossover among short-term moving averages.
On the daily chart, the rebound from recent lows has retraced toward the 0.236 Fibonacci level near 60,830 and the 0.382 level around 60,250, where the index is currently stabilising.
Holding above these retracement levels indicates that the pullback is being absorbed within the broader uptrend.
The RSI is placed near 60, holding comfortably above the mid-zone, while the DMI setup shows the positive directional line firmly above the negative line. The ADX is near 20, indicating steady but controlled trend strength.
The hourly chart continues to reflect a bullish setup.
The immediate support is placed in the 60,300-60,200 zone, followed by a stronger base near 59,600, which aligns with key Fibonacci and moving-average levels.
On the upside, 60,900-61,100 remains the immediate resistance band.
Nifty Bank remains positioned close to its record highs. A buy-on-dips approach may remain preferable in the near term, as long as 59,640 is protected.
