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Market Update 14. 05. 2021

Hope you all keeping well. Came across some news that Maharashtra extends lockdown to 1st June. The environment continues to remain uncertain and challenging. My prayers go out to all those affected by this pandemic, may light shine and I hope India simles again. Markets continue to have inflation worries. Bonds rise. Banknifty and Nifty have had a "volatile rangeboud" week. Quite an interesting week for traders.

So what's next?

Banknifty currently holds a multiple-tested support level at 32150/32450. High probability that we may gap down tomorrow and likewise close the gap at lower levels and look for support around 31380/31510. I see no signs to go long especially on financials until we start trading above the 200ma.

Nifty50 trading in a narrow channel. Yesterday's low remains the last hope until we see lower levels. Again no reason to go long until 200ma gets taken out with sustainable newsflow and volume.