After a day’s rest the bulls are giving it another charge it appears as Gift Nifty is suggesting a strong open that should now take the Nifty towards the next target near 245010 to 24650. The FII net short on Index futures is down to 24840 contracts, indicating some rapid short covering over recent days. The long positions have now gone up to 40%. So there is support coming in from them to push markets higher. The immediate support zone is 24300 and until prices go below this levels, bears are not in the game.

Bank Nifty has also traded into a Gann cluster resistance zone (see attached chart) near 54770-55220 and I wait to see if there is some price action here that might hint at a correction developing. Axis Bank results were flat and will not help. If individual Bank stocks slip then we may see some slide. Tighten stops on all if long. Watch May 55200ce and if a slide occurs, this can be shorted with a stop above 1210.
Stocks continue to remain mixed with positive response to good results and so slams on poor numbers, revealing that the sentiment still favors the upside.
In sum, continued bullish but watchful as both indices are running into price resistance clusters. Weekend may lead to some trimming at higher levels. Turn date is next week (28th) so dont want to go short yet unless price action is clear.