Market Update 24. 05. 2021

What a powerful swing on Friday closing the week to Banknifty breaking the multiple tested 34140/34300 zone taking us higher. Here is a quick market update on what I am seeing so sharing some key index charts. Maybe you will find this helpful so let's put this all into context here the whole change in a trend started off when we managed to create a "W" pattern which seemed to have worked really well. The confirmation and conviction to go long appeared when we created the pattern for the second time on the 150ma & 200ma. The short covering towards the 34000 resistance zone was massive.

Sbi and HDFC Bank were key index components along with Indian officials mentioning a possibility of an economic package for the Indian economy.

The key trade was to go long above 34140 where maximum bins were created with a target of 34709 as per futures levels. The trend continues to stay strong and could certainly head towards 35278 & 35847 levels in the coming days.