Nifty and Bank-NIfty Index Analysis for 07-04-2021

Nifty and Bank-nifty index analysis report for 07-04-2021

ยท 1 min read
Nifty and Bank-NIfty Index Analysis for 07-04-2021

Fundamental News

  • Dollar Index is down slightly.

Global Markets

  • US markets closed mostly lower. โŒ
  • Asian markets are mixed.
  • SGX Nifty is almost flat.

Pre-Market View

SGX NIfty indicates almost flat opening. There is just one negative global cue from US markets but they are at all time highs. There is space to the upside if the market opens slight gap-up or flat.

Intraday Trade Setups

Opening Drive:

  • Both Nifty and Bank-Nifty opened just a slight gap-up.
  • The first 5 min candle was a strong bullish hammer candle.
  • At 09:20 am, the high of the first 5-min candle was taken out giving a long signal.

Pole-flag pattern:

  • There was a strong opening drive rally in both the markets.
  • After than price formed a flag pattern.
  • At 10:50 am, a solid green candle formed breaking out of the flag channel.

Market Breadth:

  • Nifty psu bank and nifty auto were the biggest gainers.
  • Nifty fmcg and nifty pharma were
  • JSWSteel was the top gainer in Nifty 50 with 5.33% gain.
  • AdaniPorts was the top loser in Nifty 50 ending at -2.76%.
  • Nifty 50 advances: 43
  • Nifty 50 declines: 7

Trade Plan for Next Session:

  • Today nifty and nifty-bank trended to the upside.
  • Today, FIIs were net sellers for 227 crores while DIIs were net buyers for 381 crores.
  • If market opens flat or gap-up, have a long bias.
  • If market opens gap-down, have a sideways to short bias.