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Markets continued the recovery for the second consecutive month, gaining almost 2%, following firm global cues. After an upbeat start, the benchmark moved from strength to strength for most of the day, however minor selling in the last hour erased some gains. Consequently, the Nifty closed up 1.9% at 15,638 levels. All sectors participated in the move, which saw media, PSU banks and metals gain maximum. The broader midcap and smallcap indices also closed higher, each up over 3.5%. Benchmark indices closed higher for the second consecutive day on June 21, with Nifty closing above 15,600. Finally, the Sensex rose 934 points to 52532 and the Nifty rose 288 points to 15638.This move has certainly taken some of the pressure off, but sustainability is key. Attendees eagerly watch the Fed's speech for clues, and the progress of the monsoon is also on the radar. With no negative indications in the market, the benchmark indices rose for the second straight day on Tuesday. Metal, state-owned banks and technology stocks were bargain-hunting after suffering heavy losses last week on fears of aggressive rate hikes. On the daily charts, Nifty has formed a promising bullish candle, supporting further upside from the current levels. However, the medium-term trend remains weak. For traders, support has moved from 15300 on Nifty to 15550 (and from 51200 to 52300 on BSE). As long as the Nifty is trading above 15550, the odds of reaching 15700 would become good. Another uptrend could also continue, which could take the Nifty to 15800. A decisive move above 15800 in Nifty can further fuel the rally into the 15900-16000 zone otherwise the decline would resume. Stocks, on the other hand, offer opportunities on both sides, so traders should plan accordingly.
Resistance: 15400, 15450, 15500
Support: 15350, 15300, 15250
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