Sensex rebounds over 1,100 points from day's low
What's the story
The benchmark indices, Sensex and Nifty, have staged a partial recovery on May 18. The recovery comes after a sharp decline of up to 1.3% in intra-day trading. At around 10:00am, the Sensex was down by nearly 1,000 points at 74,249. However, value buying at lower levels has pushed the markets back into positive territory. At the time of writing, Sensex was trading at 75,370, up by 132 points.
Market factors
Nifty, Sensex have declined 4% in past week
Notably, the Sensex and Nifty have both witnessed a cumulative decline of 3.5% and 4%, respectively, over the past six sessions. Meanwhile, India VIX (volatility index) has eased from higher levels on May 18, dropping from 20.05 to 19.51.
Market forecast
Nifty may find support at around 23,300
Technical analysts have suggested that the Nifty index could find support at around 23,300 and potentially move toward 24,000. Hitesh Tailor, a Technical Research Analyst at Choice Broking, said immediate support lies in the range of 23,400-23,500 while resistance is seen around 23,900-24,000. At the time of publishing, Nifty was trading at 23,661.15, up by 17 points. Earlier in the day, it was down by over 3,000 points.