Nifty and Bank-NIfty Index Analysis for 09-03-2021

Nifty and Bank-nifty index analysis report for 09-03-2021

· 2 min read
Nifty and Bank-NIfty Index Analysis for 09-03-2021

Fundamental News

  • Nothing significant.

Global Markets

  • US markets are higher. ✅
  • Asian markets are mixed.
  • SGX Nifty is showing a gap up. ✅

Pre-Market View

SGX Nifty indicates a gap-up opening. If the gap-up is not too much, we can expect a run up to the upside. However, if gap is too much, there may be a initial sell-off followed by consolidation and then a decisive move.

Intraday Trade Setups

Range Breakout:

  • Both Nifty and Bank-Nifty opened gap-up of around 0.6% and 1% respectively.
  • This gap-up was too huge for taking up opening drive setups.
  • Both nifty and bank-nifty behaved similarly for some bars. But afterwards, bank-nifty was more bullish.
  • At 11:30 am, bank-nifty broke out of its intraday high after testing it three times.

Zone Rejection/Retracement Trade:

  • Nifty was super bearish and didn't participate in bank-nifty's rally to the upside. It broke below its intraday low.
  • At 12:55 pm, nifty retested its previous support, now turned resistance and continued falling down.

Trade Plan for Next Session:

  • Today markets closed positive after again very high volatile movements.
  • Today, FIIs were net buyers for 2801 crores while DIIs were net buyers for 1250 crores.
  • Markets bounced back from today's low to almost its high. There has been no decisive movement in a week's time. This may be the decisive time where markets turn and continue rallying further.
  • If markets open gap-up or flat, markets may trend to the upside.
  • If markets open down, they may take support at today's levels and remain range-bound.