"The recent rally which has taken the Nifty around 600 points from the March lows has been driven by reasonable valuations and short covering. FIIs turning buyers (Rs 4261 crores during the last 4 trading sessions) also has been supportive. Global support for the rally will depend on the payrolls data from the US tomorrow. Already ISM services data has come below expectations. So it is possible that tomorrow’s payrolls data may indicate a slowing economy and this can prove to be positive from the market perspective," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.