Sensex ended 635 points, or 1.55 percent, higher at 41,452.35, while Nifty50 closed 191 points, or 1.58 percent, up at 12,215.90. The rally was broad-based as the BSE Midcap (up 1.51 percent) and Smallcap (up 1.55 percent) indices rose in sync with the benchmarks.
Nifty formed a bullish candle on the daily chart. After showing a promising upside bounce from the lows in the last session, Nifty formed a long bull candle with a gap up opening and closed near the highs.
According to the pivot charts, the key support level for Nifty is placed at 12,157.6, followed by 12,099.3. If the index continues moving up, key resistance levels to watch out for are 12,249.1 and 12,282.3.
Nifty Bank closed 2.29 percent up at 32,092.40. The important pivot level, which will act as crucial support for the index, is placed at 31,782.16, followed by 31,471.93. On the upside, key resistance levels are placed at 32,287.66 and 32,482.93.