Closing Bell: Nifty above 24,950, Sensex up 329 pts; IT stocks shine

After a sharp decline on Friday, Nifty rebounded strongly on Monday, ending the session with a solid gain of 97 points. The index opened on a positive note and maintained a gradual upward trend for most of the day, followed by a brief consolidation phase before closing slightly off the highs.

On the daily chart, a small positive candle formed with minor upper and lower shadows, resembling an inside-day pattern. This suggests a lack of follow-through selling after Friday’s steep fall, which is a positive signal.

The upside gap created on August 18 remains unfilled even after six sessions, reinforcing the bullish breakaway gap pattern and indicating potential for further upside in the near term. The next target zone for Nifty is projected around 25,200–25,300, while immediate support is seen at 24,800.