Nifty and Bank-NIfty Index Analysis for03-05-2021

Nifty and Bank-nifty index analysis report for 03-05-2021

· 2 min read
Nifty and Bank-NIfty Index Analysis for03-05-2021

Fundamental News

  • Kotak Bank to declare results today.

Global Markets

  • US ffutures are higher.. ✅
  • Asian markets are mixed.
  • SGX Nifty is down almost 125 points. ❌

Pre-Market View

SGX NIfty indicates a huge gap-down opening, again. 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 -0.9% and -1% respectively.
  • Nifty created a bullish hammer bar in the first 5 min candle.
  • At 09:20 am, nifty broke above the high of 1st 5min bar.

Pullback Trade:

  • Nifty trended to the upside in the first half whereas bank-nifty couldn't showing weakness.
  • Nifty pulled back. The pullback bar were small and wicks at bottom favoring another leg rally up.
  • At 10:30 am, nifty created a bullish hammer.

Reversal Trade:

  • There was a overhead resistance for both nifty and bank-nifty.
  • At 10:45 am, both nifty and bank-nifty created a strong bearish hammer.
  • At 02:15 pm, nifty bank gave a long signal at the bottom with little to no wick.

Market Breadth:

  • Nifty metal was the largest gainer.
  • Nifty media and nifty bank were laggers.
  • SBILIFE was the top gainer in Nifty 50 with 5.43% gain.
  • TITAN was the top loser in Nifty 50 ending at -4.56%.
  • Nifty 50 advances: 29
  • Nifty 50 declines: 21

Trade Plan for Next Session:

  • Today both the markets were largely rangebound most of the day. Niftybank produced some good swings for intraday trading.
  • Today, FIIs were net sellers for 12039 crores while DIIs were net buyers for 11359 crores.
  • If market opens flat or gap-up, there is space to the upside.
  • If market opens gap-down, the market can range.