Nifty rebounds to close near session high, eyes resistance at 22,800-22,850

The benchmark Nifty index ended the session at 22,753, up 153 points, after an early dip that saw it fall to 22,387 within the first half hour of trade. Buying pressure in the latter part of the session helped the index regain more than 200 points from its mid-session low and finish near the day’s high.

Dr. Reddy's Laboratories, JSW Steel and BSE were among the top gainers, while Shriram Finance, Tata Consumer Products and Bajaj Finance lagged. Most sectoral indices posted gains, led by metals, cement, pharma and healthcare, whereas media and consumer durables fell.

Analysts highlighted the immediate resistance zone at 22,800-22,850. > "A decisive move above 22,800-22,850 could confirm a short-term reversal pattern and attract further buying," said Nagaraj Shetti of HDFC Securities. He added that support lies around 22,550.

Hitesh Rathi of Angel One identified 22,500-22,380 as the near-term support area, with stronger support at 22,200-22,100, and noted the next resistance level at 23,000-23,100. Nandish Shah of HDFC Securities said the index holding above Friday’s low of 22,372 signaled a potential bullish outlook if it sustains above 22,800, while a break below could reopen selling pressure.

The rupee weakened for a third session, closing at 95.19 per US dollar amid pressure from weaker Asian currencies and rising domestic bond yields. Global cues, including upcoming policy decisions by the U.S. Federal Reserve, the European Central Bank and the Bank of Japan, are expected to influence market sentiment.

Corporate earnings remain in focus as companies such as Tata Steel, Tata Capital, Waaree Energies and United Breweries are slated to report results later this week.