Nifty and Bank-NIfty Index Analysis for 06-05-2021

Nifty and Bank-nifty index analysis report for 06-05-2021

· 1 min read
Nifty and Bank-NIfty Index Analysis for 06-05-2021

Fundamental News

  • Hero Motocorp. to declare results.

Global Markets

  • US markets ended mixed.
  • Asian markets are up. ✅
  • SGX Nifty is slightly up. ✅

Pre-Market View

SGX NIfty indicates a gap-up opening. Expiry sessions are generally range-bound.

Intraday Trade Setups

Zone Rejection:

  • Both Nifty and Bank-Nifty both opened gap-up of 0.25%.
  • At 09:50 am, nifty created a strong sell bar at day's high.

Reversal Trade:

  • At 11:30 am and 11:50 am, nifty and bank-nifty after creating a double bottom, gave a buy signal bar.

Market Breadth:

  • Nifty metal was the biggest gainer.
  • Nifty psubank was the lagger.
  • HINDALCO was the top gainer in Nifty 50 with 5.67% gain.
  • UPL was the top loser in Nifty 50 ending at -1.43%.
  • Nifty 50 advances: 35
  • Nifty 50 declines: 15

Trade Plan for Next Session:

  • Today both the markets were again quite choppy.
  • Today, FIIs were net buyers for 1222 crores while DIIs were net sellers for 632 crores.
  • Expiry session was range-bound as expected. A big move may happen soon as market has contracted quite a bit.