Nifty, Bank Nifty bounce back: Should you sell the rally? Check key levels

As talks of an impending market correction grow louder, here's a quick chart check on the Nifty 50 and key sectoral indices.

Equity benchmark indices have bounced back in trades on Thursday, after having started the New Year 2024 on a shaky note. The NSE Nifty 50 was up 120-odd points (0.6 per cent). Among key sectors, the Bank Nifty was up 0.5 per cent, while the Auto index added 0.2 per cent. The IT index, however, was flat.

The Nifty had declined 1 per cent in the previous two trading sessions. The fall was preceded by a 13 per cent rally in the last two months of 2023, and rise in India VIX (Volatility Index) to multi-month highs. 

As talks of an impending