Nifty and Bank-NIfty Index Analysis for 08-04-2021

Nifty and Bank-nifty index analysis report for 08-04-2021

· 1 min read
Nifty and Bank-NIfty Index Analysis for 08-04-2021

Fundamental News

  • Dollar Index is down slightly.

Global Markets

  • US markets ended mixed.
  • Asian markets are mixed.
  • SGX Nifty is almost flat to slight up.

Pre-Market View

SGX NIfty indicates almost flat opening. We have all neutral cues from global market. If the market opens flat, opening drive setups can be taken up.

Intraday Trade Setups

Reversal Trade:

  • Both Nifty and Bank-Nifty opened gap-up of 0.5% and 0.65% respectively and rallied upwards.
  • After the initial rally, price failed to make higher highs and created a sort of head and shoulders pattern in nifty.
  • At 11:35 am, nifty created a solid red triangle breaking the market structure.
  • At 01:10 pm, bank-nifty after creating a sort of double bottom showed recovery and broke above a short frame trendline.

Range-Breakout:

  • Bank-nifty was weak from the start and had created a descending triangle.
  • At 11:35 am, it broke below the triangle.

Market Breadth:

  • Nifty metal was the biggest gainer.
  • Nifty psu bank and nifty bank were laggers.
  • JSWSteel was the top gainer in Nifty 50 with 9.59% gain.
  • Sunpharma was the top loser in Nifty 50 ending at -1.14%.
  • Nifty 50 advances: 31
  • Nifty 50 declines: 18

Trade Plan for Next Session:

  • Today nifty and nifty-bank both were very volatile
  • Today, FIIs were net sellers for 110 crores while DIIs were net buyers for 552 crores.
  • If market opens flat or gap-up, have a long bias.
  • If market opens gap-down, have a sideways to short bias.