Indian equity markets posted healthy recovery after anintra-day slide as investors took the opportunity to 'buy on decline'.
In the intra-day, market opened with a 'gap up' as positivemacro indicators and vaccine advances in India buoyed sentiments.
Consequently, the S&P BAE Sensex crossed the48,000-mark.
However, the market could not sustain itself at higherzones.
Just after the initial session, the key indices fell byaround 150 points.
Subsequently, investors dived into the market to buy stocksin decline which triggered another uplift.
Amongst sectors, losses were witnessed in Realty, Media,Banking and Financial Services indices.
On the other hand, Metal, IT, Pharma, Auto and FMCG spacetraded in the green.
Besides, healthy FII activity was witnessed.
At 1.40 p.m., the NSE Nifty50 traded at 14,099.15 points,higher by 80.65 points, or 0.58 per cent, from its previous close.
Similarly, the BSE Sensex made gains. It traded higher by192.28 points, or 0.40 per cent, to 48,061.26 points from its previous close.
"Considering overall chart structure, we are expectingNifty to hold above 14000 zone and move towards 14250 - 14300 zone in comingdays," said Jay Purohit, Technical & Derivatives Analyst, MOFSL.
Also read: Sensex hits 48,000 for the first time ever
"While support can be seen at 13,850 and then 13,777levels. On stocks front, traders can look for buying opportunities in TataSteel, Page Inds, Gail and SBI Cards."
According to Likhita Chepa, Senior Research Analyst atCapitalVia Global Research: "On Monday, the markets hit new highs in earlytrading, powered by strong macro indicators and vaccine advances in India. Forthe first time ever, the Sensex crossed the 48,000-mark. But soon after hittingthe new peaks market went off the day's high."
"Asian stocks have been mixed today as vaccine optimismhas outweighed concern about growing numbers of infections globally. For theNifty, 14,100 might indicate a resistance. We suggest booking profits atcurrent juncture and trail thereon. At 13,900, we have strong support."