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The index has taken support at the key short-term moving average placed at 15,630, and formed a small bullish candlestick.

Asian shares opened positive but gave up their gains. The stocks were up as May US payrolls report showed the recovery on track, but not so hot that it might bring forward a policy tapering from the Federal Reserve. MSCI's broadest index of Asia-Pacific shares outside Japan was down by 0.29 per cent.

Technical charts for the domestic indices, meanwhile, suggest some resistance ahead. Analysts says it's a 'buy on dips' market. Here's breaking down the pre-market actions:

Nifty Outlook The market continues with its recent trend where the opening on Monday happens either with an upside or a downside gap. For the second straight week, the market started on a pleasant note, owing to some recovery in the global markets. On the same day, Nifty managed to move beyond 14,900 first and the following day, the sturdy wall of 15,000 was thrashed convincingly. Everything looked hunky-dory but all of a sudden the global markets again became nervous and due to this, we witnessed a decent correction, with Nifty sneaking below the psychosocially important level. But the mark...

Nifty Outlook Last week, the markets once again surprised everyone with a huge downside gap on Monday. It seemed as if we were completely decoupled with global peers as the weak opening had nothing to do with global cues. Since we are battling with the mounting concerns over Covid-19 cases in our country, the markets are having a knee-jerk reaction to this development. In the initial trades, the selling augmented to challenge the 14,200-mark. Fortunately, the market saw some buying interest at lower levels as we did not spend much time below this key support. A similar sort of resilience was...