Nifty and Bank-NIfty Index Analysis for 15-04-2021

Nifty and Bank-nifty index analysis report for 15-04-2021

· 2 min read
Nifty and Bank-NIfty Index Analysis for 15-04-2021

Fundamental News

  • Corona Virus cases are increasing, India cases shot up from 1 lakh to 2 lakh, in just 10 days.

Global Markets

  • US markets closed mixed.
  • Asian markets are also mixed.
  • SGX Nifty is also net flat.

Pre-Market View

SGX NIfty indicates almost flat opening. There are no clear cues from global markets. Hence, price action would be key. There was a rally in the second half of the market in previous trading session. There may be a brief pause before continuing any further up.

Intraday Trade Setups

Retracement Trade:

  • Both Nifty and Bank-Nifty opened almost flat.
  • There was big doji candle at the start. Then both markets fell.
  • After the bearish leg, there was a slight opportunity to short.
  • At 10:05 am, bank-nifty created a solid red candle and broke below a green candle.

Range-breakout:

  • After three legs of downtrend, both markets recovered in almost a v-shape without double-bottoming out shrinking.
  • Bank-nifty was too volatile.
  • At 01:35 pm, nifty broke out of its range.

Market Breadth:

  • Nifty pharma was the biggest gainers.
  • Nifty auto was the lagger.
  • TCS was the top gainer in Nifty 50 with 3.96% gain.
  • Grasim was the top loser in Nifty 50 ending at -3.1%.
  • Nifty 50 advances: 28
  • Nifty 50 declines: 22

Trade Plan for Next Session:

  • Today both the markets were volatile as expected on expiry. There was a fall and subsequent V-shaped recovery.
  • Today, FIIs were net buyers for 979 crores while DIIs were net sellers for 526 crores.
  • If market opens flat or gap-up, have a long bias.
  • If market opens gap-down, have a sideways to short bias.