Nifty and Bank-NIfty Index Analysis for 28-04-2021

Nifty and Bank-nifty index analysis report for 28-04-2021

· 2 min read
Nifty and Bank-NIfty Index Analysis for 28-04-2021

Fundamental News

  • Gold, Silver, Crude Oil futures fell.

Global Markets

  • US markets ended mixed.
  • Asian markets are slightly positive.
  • SGX Nifty is slightly positive.

Pre-Market View

SGX NIfty indicates a slight gap-up opening. Markets are positive. If the opening drive is strong, the markets can trend higher.

Intraday Trade Setups

Opening Drive:

  • Both Nifty and Bank-Nifty both opened slight gap-up of 0.35%.
  • The opening 5-min candle was strong.
  • At 09:20 am, the high of the 1st strong solid green candle is taken out.

Pullback Trade:

  • After trending up, both markets pulled a bit.
  • Nifty ranged whereas nifty bank pulled back to 20 ema.
  • At 10:40 am, nifty bank produced a solid green candle after pulling back.

Range-breakout:

  • Nifty had formed a range at the high of day.
  • At 10:40 am, nifty broke out of that range.
  • At 12:05 pm, nifty bounced at trendline as well as broke out of a small range creating an igniting elephant bar. It had a very good follow-through.

Market Breadth:

  • Nifty bank was the biggest gainer.
  • Nifty pharma was the lagger.
  • Bajfinance was the top gainer in Nifty 50 with 8.02% gain.
  • Britannia was the top loser in Nifty 50 ending at -2.01%.
  • Nifty 50 advances: 35
  • Nifty 50 declines: 15

Trade Plan for Next Session:

  • Today both the markets again trended to the upside.
  • Today, FIIs were net buyers for 766 crores while DIIs were net buyers for 436 crores.
  • If market opens flat or gap-up, we can again trend upward after accumulation
  • If market opens gap-down, we can see a range-bound day.