After the long weekend, markets witnessed a jubilant start on Monday and posted gain of close to two percent by the end. Existence of crucial support in the benchmark and oversold positions in index majors were the key triggers for today's rebound. Buying in auto space too supported the sentiments with most of the companies releasing better-than-expected monthly sales data for April. There was broad based buying witnessed in the markets and apart from the blue chips, the broader markets too equally participated in the rally.

At the close, the benchmark 30-share index, BSE Sensex added 479.28 points or 1.77% at 27,490.59. Meanwhile, the broad based NSE Nifty went up by 150.45 points or 1.84% at 8,331.95.

Commenting on the outlook, Jayant Manglik, President-retail distribution, Religare Securities said, "We expect this rebound to extend further in the coming sessions; however, participation would restrict to the quality stocks so maintain extra caution in stock selection. At the same time, traders shouldn’t forget that the overall bias is still negative and that would change if Nifty decisively closes above 8,500 otherwise profit taking will resume."

Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services opined, "Market is living between Expiry to next Expiry. Market has spurt today post the oversold expiry last week. As per news based to Q4 results, US rate hike (global) and MAT issues market is trending to short-term liquidity.  Market is consolidating post the very strong performance last year with expected change in country and business risk. Though the overall trend is positive in the long-term, consolidation will end till identifying the extend of earnings downgrade and outcome of budget session which is likely to debate Land Bill and GST this week."

"Nifty has retested the support level at 8,180 once again & it seems unless & until there is a positive trigger, it may test lower supports around the 8050-8120 mark," GEPL Capital said.

Hiren Dhakan, Associate Fund manager, Bonanza Portfolio said, "After an indication by Fed that it could hike rates in any meeting in the future, markets worldwide may discount the fact and would be seen correcting in the near future. Further, after taming of Yemen crisis, biggest global fear for the market is rate hikes by developed economies like US and Europe which are widely expected in the current year. Crude oil prices continued to show high volatility. Markets currently are keenly watching the outcome of Greek crisis and developments in the Euro region and US economy. We expect the Indian markets to remain bullish in the coming week and Nifty to remain in the range of 8,600-9,100 in the coming weeks."

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