Nokia Oyj (NOK) shares surged 9.51% during intraday trading on Thursday, staging a sharp technical rebound after the stock suffered a cumulative decline of over 10% in the previous two sessions. The bounce indicates that selling pressure is easing following the recent post-earnings correction.

The selloff was triggered by profit-taking after Nokia reported better-than-expected Q2 results on July 23. The company posted adjusted comparable operating profit of EUR 4.34 billion, up 18% year-over-year and significantly above the EUR 3.82 billion consensus estimate. AI and cloud business orders reached EUR 2.8 billion, with sales doubling year-over-year, while full-year operating profit guidance was raised. Despite the strong results, the stock declined from approximately $10.28 as investors locked in gains, and multiple managers' transaction disclosures further dampened sentiment.

The current intraday surge suggests that after short-term selling pressure was fully exhausted, bargain hunters have stepped in, driving an accelerated oversold rebound. The stock had broken below the prior $9.30 support level during the two-day slide, but capital inflows have now intensified markedly.