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Weak global markets and recession problems, according to the Fed chair, failed to discourage Indian stock markets. The domestic market shows the potential to maintain momentum in the short to medium term. Nifty recovered from the early afternoon sell-off on June 23 and closed higher despite fears of rising interest rates and a global recession. Finally, Nifty was up 143 points to 15556. Volumes on the NSE were in line with the recent average. Among sectors, Oil & Gas was the main loser, while Auto, Real Estate, Capital Goods, Telecom, IT and Healthcare indices rose the most. The advance ratio rose to well over 1:1. Small and mid-cap indices rose slightly more than the Nifty. Asian markets were mostly higher, although US markets were flat overnight. European equities fell and bond yields fell as comments from Federal Reserve Chair Jerome Powell and growth data in Europe stoked fears of a global slowdown. An indicator of economic activity in the euro area fell to a 16-month low. US stocks are heading for their worst first-half losses since the 1970s. Nifty appears to have bottomed higher at 15400 and is now set to make a higher high above 15750. A break down from 15350 could result in all bullish bets being removed from the table. Much of the current uncertainty led by the slowing economy and tightening monetary policy has been taken into account in the market, however FIIs continue to sell and limit the trend. Refined trend remains weak with resistance seen at 15850 – if not breached expect weakness to continue. The Nifty has recently entered short-term consolidation mode and accordingly is witnessing range-bound action. The index experienced strong swings near 15450-15550 on June 23rd. On the higher side, 15650-15750, which used to act as a support zone, is now turning out to be a resistance zone according to the principle of role reversal. The Nifty faces selling pressure as it approaches this area. Unless the 15700 level is taken out on a closing basis, the index is expected to remain in a mode of consolidation. On the downside, 15450-15350 is the near-term support zone, below which the index can test the recent low near 15200. Short-term volatility remains high. Overall, expect the pressure to continue while limited stock-specific, risk-defined opportunities are available. From a risk perspective, select auto, bank and mid-cap energy stocks look attractive. Expect continued selling pressure in the metals space.

Resistance: 15600, 15700, 15800

Support: 15500, 15400, 15300