The bench mark indices closed in the green on Tuesday even as the broad market continued face selling pressure. The Sensex rose 234.33 points to close at 39,131.04 while the Nifty ended with a gain of 72.70 points at 11,661.
The market breadth was negative as about 1,285 shares declined against 1,149 advancing shares on the BSE. The Nifty Mid-Cap gained 0.7 per cent while the Nifty Small-Cap ended flat.
"The Nifty needs to sustain and move decisively above this resistance area in the short term to consider further strength in an upside bounce. If the Nifty fails to sustain above 11650 levels in the next 1-2 sessions, we may expect a sharp fall from the highs," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
"Now holding above strong support of 11600 zone we may expect this small rally to extend further. Nifty bank closed a day at 30571 with gains of 125 points forming Doji candle pattern on daily chart. The Nifty bank has good support near 30400-30200 zone and resistance is coming near 30800-31000 zone," said Rohit Singre, Senior Technical Analyst, LKP Securities
"We expect the markets to remain choppy in the near term in the backdrop of weak domestic sentiments given the on-going economic slowdown. The monsoon has shown considerable improvement over the past 1-2 weeks which is positive for Indian economy. However, the progress of monsoon would be actively tracked by traders and investors. Further, earnings anno-uncement by companies is likely to lead to stock specific volatility. On the global front, geopolitical tensions could have a bearing on Indian markets as crude price have inched higher in the recent past,” said Ajit Mishra, VP, Religare Broking Ltd.