Nifty and Bank-NIfty Index Analysis for 17-03-2021

Nifty and Bank-nifty index analysis report for 17-03-2021

· 1 min read
Nifty and Bank-NIfty Index Analysis for 17-03-2021

Fundamental News

  • Nothing significant.

Global Markets

  • US markets closed negative. ❌
  • Asian markets are mixed.
  • SGX Nifty is showing a small gap-up opening. ✅

Pre-Market View

SGX NIfty indicates a positive opening. However there is not much free space. If price breaks below yesterday's low, there is more room to the downside. Upside move may be limited due to multiple resistances and lack of free space.

Intraday Trade Setups

Range-Breakout:

  • Both Nifty and Bank-Nifty opened slight gap-up and immediate gave up all their pre-market gains.
  • Price became really volatile ranging all over the place. Then volatility reduced to form a wedge.
  • At 01:45 pm, bank-nifty broke below a level.

Wedge-Breakout:

  • At 01:45 pm, nifty broke out its wedge-pattern to the downside.
  • At 03:00 pm, bank-nifty broke out of its wedge-pattern.

Market Breadth:

  • Almost all sectors ended in red with realty, media, metal and PSU bank being hit hard the most.
  • ITC and Infty were the top gainers in Nifty 50 with gain of 1.49% and 0.22% respectively.
  • BPCL was the top loser in Nifty 50 ending at -5.03%.

Trade Plan for Next Session:

  • Today markets were very volatile for most of the time and the move to the downside came very late.
  • Today, FIIs were net buyers for 2625 crores while DIIs were net sellers for 562 crores.
  • If markets open gap-down or flat, markets may trend to the downside.
  • If markets open gap-up, markets may remain range-bound and accumulate.