Nifty and Bank-NIfty Index Analysis for 23-03-2021

Nifty and Bank-nifty index analysis report for 23-03-2021

· 1 min read
Nifty and Bank-NIfty Index Analysis for 23-03-2021

Fundamental News

  • SC ruling on loan moratorium case is due to today.

Global Markets

  • US markets closed higher.
  • Asian markets are higher.
  • SGX Nifty is also higher.

Pre-Market View

SGX NIfty indicates a slight gap-up opening. If bullish setups emerge, nifty would be the ideal candidate as it is stronger than bank-nifty right now. SC ruling on moratorium case could make the markets volatile.

Intraday Trade Setups

Retracement Trade:

  • Both Nifty and Bank-Nifty opened almost flat to slight gap-up. There was a strong opening drive in both the markets.
  • The markets retraced a bit taking support at previous levels.
  • At 10:50 am, price broke above the retracement trendline.

Market Breadth:

  • Nifty bank, private banks, psu banks were the top gainers.
  • Nifty metal lagged behind.
  • Shree Cement was the top gainer in Nifty 50 with 5.36% gain.
  • Hindalco Bank was the top loser in Nifty 50 ending at -2.34%.
  • Nifty 50 advances: 28
  • Nifty 50 declines: 22

Trade Plan for Next Session:

  • Today markets were also volatile with opportunites mainly on the long side.
  • Today, FIIs were net sellers for 108 crores while DIIs were net sellers for 529 crores.
  • On the daily chart, it looks like market is digesting the previous week's volatility.
  • If market opens flat or gap-down, the market may move to the downside.
  • If market opens significant gap-up, the market may make a move to the upside in the first half.