According to the Laurence Balanco of CLSA says "Sideways range has formed support at 8,547-8,565 and resistance at 8,747.8,760, adding a break below the lower boundary of the cited range would open the door for a move down to the 50-day moving average and lower boundary of the cited uptrend channel, currently at 8,238-8,460.”

He further said, "Once this corrective period runs its course, the Nifty should be set-up for gains towards next chart resistance at 8,667-8,723 provided by the July/October 2015 highs and then the all-time highs at 9,191," he says.

The BSE Sensex hiked 211.15 points at 28113.81 and the NSE Nifty rose 64.60 points to 8672.05.

ICICI Bank, HDFC Bank, Maruti Suzuki, Sun Pharma, SBI, Axis Bank, Hero Motocorp and Bajaj Auto increased 1-2.5 % although Bharti Airtel fell additional.