Indian markets broke their 8-sessions falling streak on Monday on what was a spectacular u-turn by the bulls which started the day on a weak footing. The recovery from day’s low was engineered by heavyweight HDFC Bank while aptly supported by Reliance Industries (RIL) and Bajaj Finance. The 30-stock S&P BSE Sensex finished at 75,996.86, gaining by 57.65 points or 0.08% and the broader Nifty rose by 30.25 points or 0.13% to close at 22,959.50.

Giving his take on the day's action, Rupak De, Senior Technical Analyst at LKP Securities said that the Nifty closed significantly higher from the day’s low, driven by buying interest at the lower end of the range. However, sentiment remains weak, he said, adding that the heartbeat index failed to reclaim the key Fibonacci retracement level.

"Additionally, the index continues to trade below critical moving averages, reinforcing the overall bearish undertone. In the short term, the index is likely to remain a sell-on-rise candidate unless it decisively crosses above 23,150 on a closing or sustained basis. On the downside, support is placed at 22,800," De said.

Here's breaking down of the pre-market actions:

STATE OF THE MARKETS

• Tech View: After an eight-day losing streak, Nifty finally posted gains, reaffirming strong support around 22,800, Rajesh Bhosale, Technical Analyst at Angel One said. From a technical standpoint, early signs of a potential double-bottom formation on the daily chart suggest a solid base at this level, he said.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 4.71% to settle at 15.72 levels.

FII/DII action
Foreign institutional investors (FIIs) were net sellers of Indian equities as they sold shares worth Rs 3,937.83 crore on Monday while the domestic institutional investors (DIIs) bought shares worth Rs 4,759.77 crore.

Rupee
Having shed nearly 5% against the dollar since Donald Trump assumed charge of the White House, the Indian rupee continued to struggle, mimicking the approach of overseas investors to Indian equities. “There was still no positive bias since the sell-off by foreign institutional investors in the equity market continues,” a foreign currency dealer said.

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