New Delhi, Jan 29 : Markets have bounced back strongly after the last two weeks of correction on the back on Reliance Industries which has recorded more than 5% gains in the day so far, says Rahul Sharma , Director, Head - Technical & Derivatives Research at JM Financial Services.

Technically 21,750 is a strong resistance for Nifty around which we expect the current rally to cool off. Supports are placed at 21137 and 20870 on the downside, he said.

Rupak De, Senior Technical Analyst, LKP Securities said the latest breakout in the oil and gas index has propelled the sector into positive territory. The recent consolidation in the Nifty Oil and Gas index concluded with an upside breakout, indicating an increased optimism in the space that may persist in the coming days. Therefore, the sudden surge in energy stocks might continue to bolster the headline index in the short term.