Index-Analysis Report for 04-03-2021

Index analysis report for 04-03-2021

· 1 min read
Index-Analysis Report for 04-03-2021

Fundamental News

  • US ten year bond yield shot up from 1.14% to 1.49%.

Global Markets

  • US markets closed negative. ❌
  • Asian markets are mixed.
  • SGX Nifty is showing a gap down of about 200 points. ❌

Pre-Market View

SGX Nifty indicates a huge gap-down opening. We have two global cross cues indicating bearishness. However, in general, such gap-downs are always followed by retracement to the upside before again fall after facing resistance.

Intraday Trade Setups

Bull Flag:

  • Both Nifty and Bank-Nifty opened gap-down of 1.25% and 1.75%.
  • At 11:05 am, nifty broke out its flag pattern.
  • At 12:25 am, both nifty and bank-nifty broke of their respective flag patterns at their intraday highs.

Triangle breakout:

  • At 11:05 am, bank-nifty broke out its triangle pattern which it had formed at almost its intraday low.

Trade Plan for Next Session:

  • Today markets remained net range bound with intraday volatility.
  • Today, FIIs were net sellers for 223 crores while DIIs were net sellers for 788 crores.
  • Markets are being reactive to US markets. Hence global cues would be important going forward.
  • If markets open gap-up or flat, markets may move higher after accumulating at today's intraday high.
  • If markets open gap-down. the markets may remain range-bound.