Nifty and Bank-NIfty Index Analysis for 05-05-2021

Nifty and Bank-nifty index analysis report for 05-05-2021

ยท 1 min read
Nifty and Bank-NIfty Index Analysis for 05-05-2021

Fundamental News

  • US secretary of treasury indicated slightly higher interest rates.

Global Markets

  • US markets ended mixed.
  • Asian markets are mixed.
  • SGX Nifty is up by 100 points. โœ…

Pre-Market View

SGX NIfty indicates a gap-up opening. Both the markets are opening up at resistance levels. If the opening drive is not strong enough, the gap may not sustain.

Intraday Trade Setups

Zone Rejection:

  • Both Nifty and Bank-Nifty both opened gap-up of 0.7% and 1% respectively.
  • There were multiple level in close proximity giving rise to a very choppy range-bound market.
  • At 10:50 am, a red candle formed in both nifty and bank-nifty at a previous resistance level.

Market Breadth:

  • Nifty pharma was the biggest gainer.
  • Nifty realty was the lagger.
  • SUNPHARMA was the top gainer in Nifty 50 with 5.87% gain.
  • ADANIPORTS was the top loser in Nifty 50 ending at -3.61%.
  • Nifty 50 advances: 44
  • Nifty 50 declines: 5

Trade Plan for Next Session:

  • Today both the markets were quite choppy.
  • Today, FIIs were net sellers for 1110 crores while DIIs were net sellers for 240 crores.
  • Generally Wednesday's session is volatile with big moves. But today's market was quite range-bound.
  • If market opens flat or gap-up, markets can go higher to upper resistances.
  • If market opens gap-down, there can be another bear trend.