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After a gap opened on the downside, positive global peers lifted domestic indices while oil prices rose on renewed supply concerns. Benchmark indices ended unchanged in the volatile June 28 session. At the close, the Sensex was up 16 points to 53,177 and the Nifty was up 18 points to 15850. The weaker rupee and rising bond yields limited risk appetite from domestic investors. Gains in commodity-linked stocks and optimism over China's easing of Covid restrictions supported global bullishness. Among sectors, the oil & gas, metals and autos indices rose the most, while the consumer discretionary and telecom indices fell the most. Asian stocks opened weak but rose as the day progressed. Global stocks rose on Tuesday despite higher crude oil prices as China eased its strict Covid protocols and allayed investor concerns about global growth. Markets experienced a rollercoaster ride in intraday trading, but selective buying in IT, metals, autos and oil & gas stocks helped the major benchmark indices end up recovering and posting modest gains. The early upturn in European markets and the recovery in other Asian gauges also gave a boost to local markets. Technically, after an early morning sell-off, the Nifty took support near 15700 and rallied strongly towards later stages. It has also formed a small bullish candle on the daily charts. Nifty ended positively after a day of fighting. The upward gap on the daily charts from June 28th has been filled during the course of the day, thus offsetting this bullish sentiment to some extent. A break of 15950 is needed to build on further gains. In the event of a fall, 15650 can offer assistance. Nifty remained volatile throughout the day before closing with a green candlestick formation. Lower end held 15700-15600 short term support. We think the uptrend formation is intact as long as the index is trading above 15800. Above that, the index could rise to 15900-16200. On the upside, a new round of selling is possible if the index manages to trade below 15700. Below that, it could retest the 15600-15500 level. Momentum indicator RSI is in a bullish crossover and rising. Trend looks positive as long as it holds above 15600. On the upside, 16000-16200 could continue to act as resistance.

Resistance: 15900, 16050, 16200

Support: 15750, 15600, 15450