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The week gone by started on a sluggish note by but proceeded to log heft gains in the last three sessions breaking the three-week losing streak for Nifty.

The domestic market had been considerably underperforming the global peers, but with this smart rally, we finally managed to catch up with them.

Month-on-month, we saw Nifty end lower but looking at the intra-month activity, the index managed to conclude May at the highest point of the on a closing basis.

Going by the famous idiom ‘all is well that ends well’, the bulls must be a bit relieved now.

The weakest link - the banking space - took charge as the Nifty got elevated beyond 9,500.

Nifty has now reached to the immediate target of 9,450-9,500, but the way charts are shaped up, we expect the index to test the higher end of the downside gap area of 9,532-9,731 created on May 04, 2020 (or may even head higher).