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Positive trends in global markets caused the domestic market to trade positively, with large caps gaining the most while mid and small caps continued to trade cuts. Benchmark indices ended the highly volatile session on June 20th on a positive note. At the close, the Sensex was up 237 points to 51597 and the Nifty was up 56 points to 15350. Upside was limited by prevailing inflationary pressures and concerns over monetary tightening. Among sectors, metals were the biggest laggards due to a sharp fall in commodity prices along with a slowdown in global and domestic demand. Markets finally breathed a sigh of relief and posted steady gains after initial optimism in major European indices led to selective buying in IT, financials and healthcare stocks. However, the bearish undertone can be read in the fact that strong selling in metals, oil & gas and capital goods stocks continued as concerns over a slowdown in growth caused these stocks to fall.

Technically, the Nifty has formed a double bottom formation on the intraday charts that is broadly positive in the near term. The index has also formed a hammer reversal pattern on daily charts, indicating a strong possibility of a renewed pullback rally from current levels. For day traders, 15275 would be the sacrosanct support zone. And if the index manages to trade above it, then the pullback rally is likely to continue in the near term and could climb to 15400-15500. On the other hand, the uptrend below 15275 would be vulnerable and below that the index could slide down to 15225-15050. The Bank Nifty Index saw a sideways consolidation as the battle between bulls and bears continued. The index is still trading in a downtrend with lower highs and lower lows intact. On the daily chart, immediate resistance to the upside stands at 33200 and a break above it may result in short coverage. Downside support stands at 32500 and a break below will result in a fresh round of selling pressure.

Resistance: 15400, 15450, 15500

Support: 15350, 15300, 15250