Mumbai, March 25
The domestic benchmark indices opened higher on Tuesday amid positive global cues, as buying was seen in the IT sector in the early trade.
At around 9.27 am, Sensex was trading 112.50 points or 0.14 per cent up at 78,096.88 while the Nifty added 12.10 points or 0.05 per cent at 23,670.45.
According to experts, Nifty, continuing with the robust move, has indicated a V-shaped recovery with the bulls gaining strength over the bears almost reaching the previous peak of 23,800 zone.
"With further targets of 24,200 and 24,700 levels expected, the bias and sentiment has turned overall positive as of now. the important 50EMA zone of 23,000 level shall be positioned as the major support from here which needs to be sustained," said Vaishali Parekh, Vice President-Technical Research-PL Capital.
Bank Nifty, with series of strong bullish candle formation on the daily chart has decisively moved past the important 200 period MA at 51000 level to strengthen the trend and with the sentiment turned positive, one can expect for further rise in the coming days, Parekh added.
Meanwhile, Nifty Bank was up 147.19 points or 0.28 per cent at 51,852.05. The Nifty Midcap 100 index was trading at 52,779.20 after adding 255.15 points or 0.49 per cent. Nifty Smallcap 100 index was at 16,44.55 after climbing 80.85 points or 0.49 per cent.