Nifty and Bank-NIfty Index Analysis for 13-04-2021

Nifty and Bank-nifty index analysis report for 13-04-2021

· 1 min read
Nifty and Bank-NIfty Index Analysis for 13-04-2021

Fundamental News

  • TCS came out with good results.

Global Markets

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

Pre-Market View

SGX NIfty indicates almost flat opening. The markets are bearish. Hence expect any rally to be shorted.

Intraday Trade Setups

Reversal Trade:

  • Both Nifty and Bank-Nifty opened almost flat.
  • There was a intial rally.
  • Bank-nifty formed an overhead congestion of price, unable to make higher highs.
  • At 11:10 am, bank-nifty formed a strong bearish candle. Nifty was more bearish but it fell in a v-shaped pattern failing to give us a good point to short.
  • At 12:10 pm, nifty formed a double bottom recovery pattern at support.

Pole-Flag pattern:

  • Bank-nifty was the stronger index.
  • At 12:10 pm, bank-nifty formed a strong solid green candle.

Market Breadth:

  • Nifty auto and nifty psu bank were the biggest gainers.
  • Nifty IT and nifty pharma were laggers.
  • M&M was the top gainer in Nifty 50 with 7.78% gain.
  • Dr.Reddy was the top loser in Nifty 50 ending at -3.95%.
  • Nifty 50 advances: 38
  • Nifty 50 declines: 12

Trade Plan for Next Session:

  • Today nifty was very volatile whereas nifty bank was quite bullish. Both of them ended in green.
  • Today, FIIs were net sellers for 730 crores while DIIs were net buyers for 243 crores.
  • If market opens flat or gap-up, have a long bias.
  • If market opens gap-down, have a sideways to short bias.