Index-Analysis Report for 03-03-2021

Index analysis report for 03-03-2021

· 1 min read
Index-Analysis Report for 03-03-2021

Fundamental News

  • Nothing significant.

Global Markets

  • US markets closed negative. ❌
  • Asian markets are mixed.
  • SGX Nifty indicates gap-up of more than 80 points. ✅

Pre-Market View

SGX Nifty indicates a huge gap-up opening. Global cues are kind of mixed. Hence we would be reactive and not predictive. If market sets up for a gap-up short, short position can be taken. However, market is gapping up over resistance and there is a huge gap to be filled above, which was created by another huge gap-down the previous day.

Intraday Trade Setups

Range Breakout:

  • Both Nifty and Bank-Nifty opened gap-up of around 1%.
  • At 09:40 pm after creating some doji candles in the same range, nifty broke below the range.
  • However, before even filling the gap, it shot up creating a false breakout.

Bull Flag:

  • At 11:30 am, both the markets broke of their respective bull flags and rallied higher.
  • It should be noted that the flag structure is at an angle favorable to this setup. It has drifted for a pullback. It is different from other pull backs where price collapses at almost right angle.

Trade Plan for Next Session:

  • Today markets completely trended for the entire day.
  • Today, FIIs were net buyers for 2088 crores while DIIs were net buyers for 392 crores.
  • If markets open gap-up or flat, markets may consolidate intraday before moving higher.
  • If markets open gap-down. the markets may find resistance at today's intraday high and remain range bound.