Nifty Stages Sharp Rebound Amid High Volatility; Key Resistance at 23500–23600

Authored By HDFC SKY | Last Modified: Mar 24, 2026 06:15 PM IST

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After witnessing a massive fall on Monday, the market rebounded sharply on Tuesday on the back of easing tensions in the middle-east war front and Nifty closed the day higher by 399 points. After opening with a huge upside gap of 366 points (body gap, not a western gap), the market moved up further amidst volatility in the mid to later part of the session. The opening upside gap has been filled partially and Nifty closed near the highs.

A small bull candle was formed on the daily chart with upper and long lower shadow. Technically, this market action indicates a sharp bounce back in the market amidst high volatility. The negative chart pattern like lower tops and bottoms is continued and present up move is expected to be a new lower top of the pattern, which needs to be confirmed at the highs.

A sustainable bounce back of Tuesday could be a cheering factor for bulls to make a comeback, but the market needs to show strength by sustaining above the crucial hurdles like 23500-23600 levels to consider this as a near term bottom reversal pattern. Any failure to sustain the highs at the hurdle could possibly drag Nifty down to 22600-22500 levels again in the near term.

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