Nifty Extends Rebound for Third Day

Authored By HDFC SKY | Last Modified: Mar 18, 2026 05:51 PM IST

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The sharp bounce back continued for the third consecutive sessions on Wednesday and Nifty closed the day higher by 196 points. After opening on a positive note, the market surged higher in the early to mid-part of the session. Minor consolidation was observed at the highs towards the end and Nifty manages to close near the highs. The opening upside gap remains unfilled.

A reasonable long candle was formed on the daily chart with minor upper shadow. Technically, the upside bounce of the last three sessions confirms a short-term bottom reversal pattern at the recent swing low of 22955-16th March. This is positive indication.

After the formation of bearish lower tops and bottoms on the daily chart over the last one month, Nifty witnessing sharp bounce back from the lows that signals chances of higher bottom formation during any short-term consolidation or dip. Further sustainable up move from here could open the next upside target of around 24000-24200 levels in the near term. Immediate support is placed at 23550.

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