We have already seen a good recovery from the lows and expect further upmove to unfold, which would eventually bring back the cheer on many traders&ball bearings Factory39;/investors' faces.The Nifty index ended 165.Market ViewOn the sectoral front, IT continues to show outperformance and today, despite unfavourable monthly Auto sales numbers, there were a smart recovery and a follow up buying in most of the beaten down counters within this space.

Among the sectors, top gainers were the BSE Auto, Consumer Durables, Metal and IT indices.Monday's move was mainly initiated by heavyweights such as Autos, Metals & FMCG counters. Crucial supports to watch for any weakness are at 11,920-11,859, analysts said..39 per cent higher at 12,088. The Nifty index ended 165."As far as levels are concerned, we have closed near an intraday hurdle of 12,100-12,130; but looking at Monday's late surge, a possibility of surpassing and then extending this move towards 12,240 - 12,280 cannot be ruled out.75 points or 1.55. Further upsides are likely once the immediate resistance of 12,102 is taken out."Friday's correction was followed on Monday by a mildly bullish # start amid mixed Asian cues. We expect volatile momentum to continue ahead of RBI policy statement, to be issued on 6th of June, 2019. 

The global uncertainties continued to hover over the market initially but the market gained momentum to witness a sharp rally & ended the day at an all-time high," said Devang Shah, Technical Analyst, Angel Broking Ltd. Brent crude futures tumbled 1 per cent to $61."Today Auto, FMCG, IT and Realty pulled the market to a new all-time high as they are trying to catch up the rally on the back of expected rate cut by RBI and increase in demand from domestic sectors.According to analysts, Indian markets were buoyed by the falling crude oil prices and the inflows from FPIs, while traders kept building positions ahead of the RBI's policy meet on June 06 and next month's Union Budget. 

Traders should keep a tab on this and on the flipside, 12,000 followed by 11,920 would now be seen as key support levels," Shah added.39 per cent higher at 12,088.35 per barrel. Not to forget, mid-cap universe has been showing resilience since past few days.75 points or 1.Technical ViewTechnically, with the Nifty surging higher to new life highs, the underlying trend remains up. Auto stocks were in limelight on the back of monthly sales data.55. The market surged higher on Monday to close at new life highs as a steep slide in crude oil prices helped boost the sentiments.The broad market like the BSE Mid-Cap and Small-Cap gained less, thereby underperforming the Sensex/Nifty

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