Market Analysis: 21/05/2021.

Finally, the bulls have their way!

After having been stuck between a tight range of 800 points between 14341 to 15163 for almost 3 months, Nifty managed to close at the highest level on a weekly basis. Nifty closed up 3.39% at 15175 while Nifty 500 ended with strong gains of 3.57%.

The Financials, Banks, Realty & Auto outperformed while the FMCG, Metals, Pharma & IT were laggards. The Mid Caps & small caps have also done better during the week.

Well, the Nifty has just managed to close above the previous weekly highest close of 15163.3. Follow-through above 15190 should take us to the previous ATH at around 15430 or so.

But I would still be watching very closely where it finishes the month.

The markets have been struggling at the upper trend channel on monthlies. A strong monthly close above an all-time high would be considered very bullish!

Let’s see where we end the next week & month!

Until then enjoy the party!

Have a great weekend!

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