Daily Market Outlook – 7th April, 2021

NIFTY:

The Nifty opened at 14737 with a gap up of 100 points. Within the first 5 minutes of trading, the index moved down sharply and recorded its intraday low at 14573.90. Prices then quickly recovered from that loss, rallied more than 200 points and recorded its intraday high at 14779.10 and then again fell down more than 150 points. That was the first half and in the second half prices have remained subdued with a little movement on either side and finally closed at 14683.50 with a gain of almost 50 points. All the sectoral indices have closed with gains except Banks and Media led by the Pharma, Metal and Realty sectors. It was a volatile day in the index where prices have seen some wild movement on both sides and finally closed with minor gains. On the daily chart, the index is building two patterns, one is a bullish Head & Shoulder and second is a trading range. A bullish head and shoulder is visible in the Nifty with a neckline around 14900. If prices confirm this pattern it will give us a target of around 15500. A move below 14450 will cancel this pattern. The Nifty is trading inside a range of 500 points with support at 14400 and resistance at 14900. A breakout from either direction may give a pattern target of 500 points.

BANK NIFTY:

Bank Nifty opened at 32915.65 with a gap up of 201 points. The index did not sustain at the higher level and saw a sharp fall and then quickly recovered from it.  Again a sharp decline came and then prices spent the second half moving narrow and choppy. The index finally closed at 32501. Private Banks have underperformed and closed lower while PSU Banks have closed with minor loss. Within the index,Kotak Bank contributed highest while ICICI Bank the lowest.

It was a volatile day in the index. Prices have seen many sharp moves in the first half while remained subdue in the second half.

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