New Delhi, Sept. 23 -- After facing selling pressure near the 23,500 level on Tuesday, the Nifty 50 staged a recovery on Wednesday. The index gained nearly 118 points and settled close to the 23,450 mark, recording its highest close in nearly two weeks.

The index opened on a positive note but witnessed volatility during the first hour of trade. Importantly, it managed to hold the early-session low and gradually moved higher as the session progressed. The Nifty touched an intraday high of 23,466.90 before ending the day within striking distance of 23,450.

Wednesday's price action resulted in the formation of a bullish candle. However, the entire trading range remained within Tuesday's bearish engulfing candle, resulting in an inside cand...