Indian equities staged a strong recovery on Tuesday, with benchmark indices gaining more than 1.5% each as improving investor sentiment was supported by Finance Minister Nirmala Sitharaman’s comments on long-term capital gains (LTCG) tax and securities transaction tax (STT), a rally in information technology stocks and other positive cues.
The Nifty 50 climbed 358 points, or 1.60%, to close at 22,722. On the technical front, the immediate support zone for the index is placed at 22,500–22,550, while resistance is seen in the 22,850–23,000 range, according to Hitesh Tailor, Technical Research Analyst at Choice Broking. A sustained breakout above this resistance band could pave the way for a further recovery, he said.
