Nifty and Bank-NIfty Index Analysis for 30-04-2021

Nifty and Bank-nifty index analysis report for 30-04-2021

· 2 min read
Nifty and Bank-NIfty Index Analysis for 30-04-2021

Fundamental News

  • Nothing significant.

Global Markets

  • US markets ended at all time high with huge intraday swings. ✅
  • Asian markets are mostly negative. ❌
  • SGX Nifty is down almost 100 points. ❌

Pre-Market View

SGX NIfty indicates a huge gap-down opening. Generally in such scenarios, market rallies on open, takes resistance at previous levels and then swings low. We can expect such opening drive plays right at the open.

Intraday Trade Setups

Opening Drive:

  • Both Nifty and Bank-Nifty both opened gap-down of -0.75% and -1.3% respectively.
  • Nifty created a bullish bar in the opening candle creating a long play.
  • At 09:25 am, the high of the bullish bar was taken out.

Reversal Trade:

  • As expected, nifty took resistance after a short rally.
  • At 10:05 am, both nifty and bank-nifty created a strong bearish bar.

Range-breakout:

  • At 01:05 pm, the trendline is broke in bank-nifty. Also the range of small candles is broken by a big bar.
  • At 01:40 pm, nifty broke out its intraday low.

Market Breadth:

  • Nifty pharma was the only gainer.
  • Nifty financial services was the lagger. Almost all other sectors also ended in red.
  • ONGC was the top gainer in Nifty 50 with 3.99% gain.
  • HDFC was the top loser in Nifty 50 ending at -4.16%.
  • Nifty 50 advances: 12
  • Nifty 50 declines: 38

Trade Plan for Next Session:

  • Today both the markets produced good swings for intraday trades.
  • Today, FIIs were net sellers for 3465 crores while DIIs were net buyers for 1419 crores.
  • Market has pulled back after rallying and now is at support.
  • If market opens flat or gap-up, there is space to the upside.
  • If market opens gap-down, the market can range.