Can Nifty Sustain Its Gap-Up Despite Intel's Strong Earnings? – Intraday Market View

stock $BHEL Global markets started the day on a positive note after Intel's stronger-than-expected quarterly earnings boosted sentiment across the semiconductor sector. Nasdaq futures gained nearly 1.3%, while S&P 500 futures traded around 0.4% higher, creating a favorable backdrop for Indian equities. Nifty responded with a gap-up opening and is currently holding above VWAP, indicating that buyers remain active. However, one key observation is the intraday trade volume of -1.09 million, suggesting that the rally is largely driven by short covering rather than aggressive fresh long positions. This indicates institutions are still waiting for stronger confirmation before adding meaningful long exposure. Holding above VWAP is positive, but sustained buying volume will be crucial for the rally to continue. Market breadth remains exceptionally strong with approximately 2,600 advancing stocks against 600 declining stocks, resulting in an Advance-Decline Ratio of 4.3:1. Such a healthy ratio reflects broad-based participation across sectors, positive market sentiment, and increasing confidence among investors. As long as this ratio remains above 3:1, the broader market structure continues to favor the bulls. From the derivatives perspective, 24,500 CE holds the highest Call Open Interest, making it the strongest resistance zone, while 24,000 PE has the highest Put Open Interest, indicating robust support as put writers continue defending lower levels. Key Intraday Levels • Immediate Resistance: 24,240 • Major Resistance: 24,500 • Breakdown Level: 24,180 • Major Support: 24,000