Nifty and Bank-NIfty Index Analysis for 10-05-2021

Nifty and Bank-nifty index analysis report for 10-05-2021

· 1 min read
Nifty and Bank-NIfty Index Analysis for 10-05-2021

Fundamental News

  • On Friday, US jobs data came much lower than expected.

Global Markets

  • US markets closed at all time highs. ✅
  • Asian markets are mixed.
  • SGX Nifty is slightly up. ✅

Pre-Market View

SGX NIfty indicates a gap-up opening. Bank-nifty is gapping up at a resistance point. Hence look for strong opening if the market has a long play.

Intraday Trade Setups

Range breakout:

  • Both Nifty and Bank-Nifty both opened gap-up of 0.8% and 1%, respectively.
  • At 12:35 pm, nifty broke out of a rising wedge pattern breaking the intraday-high.

Pole-flag:

  • Similarly, 12:25 pm, bank-nifty broke above the pullback trendline and closed near the high of the green bar.

Market Breadth:

  • Nifty metal and nifty pharma was the biggest gainer.
  • Almost all sectors ended in green
  • COALINDIA was the top gainer in Nifty 50 with 8.22% gain.
  • SHREECEM was the top loser in Nifty 50 ending at -1.9%.
  • Nifty 50 advances: 38
  • Nifty 50 declines: 12

Trade Plan for Next Session:

  • Today both the markets were quite range-bound
  • Today, FIIs were net buyers for 583 crores while DIIs were net sellers for 476 crores.
  • If market opens gap-up, markets may trend higher.
  • If its opens flat or gap-down, watch out for price-action, may be range-bound again.