Nifty and Bank-NIfty Index Analysis for 27-04-2021

Nifty and Bank-nifty index analysis report for 27-04-2021

· 2 min read
Nifty and Bank-NIfty Index Analysis for 27-04-2021

Fundamental News

  • Bajaj Finance, Maruti, Axis Bank to declare results today.

Global Markets

  • US markets ended mixed.
  • Asian markets are slightly lower.
  • SGX Nifty is almost flat to slight positive.

Pre-Market View

SGX NIfty indicates almost flat opening. Previous session was a trend day before a pullback. Hence the chances are higher of trend resumption if the market opens gap-up or flat.

Intraday Trade Setups

Opening Drive:

  • Both Nifty and Bank-Nifty opened slight gap-up.
  • While nifty was bullish from the start, bank-nifty was confusing.
  • At 09:35 am, closed above the close of 1st red bar.

Pullback Trade:

  • After trending up, both markets pulled a bit.
  • At 10:25 am and 11:30 am, nifty had signal bar.
  • At 11:40 am, bank-nifty had a similar setup at its high of day.

Pole-Flag:

  • Both the markets again pulled back attracting the short sellers at the high of day.
  • At 01:45 pm, both the markets strongly broke out of the pole-flag formation.

Market Breadth:

  • Nifty metal was the biggest gainer.
  • Almost all sectors ended in green.
  • Hindalco was the top gainer in Nifty 50 with 5.07% gain.
  • Hdfclife was the top loser in Nifty 50 ending at -3.58%.
  • Nifty 50 advances: 41
  • Nifty 50 declines: 08

Trade Plan for Next Session:

  • Today both the markets trended to the upside.
  • Today, FIIs were net sellers for 1454 crores while DIIs were net buyers for 1463 crores.
  • If market opens flat or gap-up, we can again trend upward after accumulation.
  • If market opens gap-down, that would be a surprise.