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Bank Nifty Outlook for Tuesday, 28th July | 50x Investments

Short
NSE:BANKNIFTY   NIFTY BANK
Bank Nifty - Technical Analysis:
  • Bank Nifty had a gap down opening and continued downward, closing 3.5% down.
  • Bank Nifty breached the 22000 level before holding the 61.8% retracement level.

    Market - Driving Factors:
  • Aditya Puri, Managing Director of HDFC Bank , sold over 95% of his stake in the company. Multiple other insiders sold their HDFC Bank shares over the last week.
  • Gold is up over 2% and silver over 7% today, indicating that another shift to safe haven assets might occur soon with the uncertainties about equity markets rising.

    Bank Nifty - Outlook for Tuesday, 28th July:
  • The bears are strengthening their grip on the market indicating that we might be in for a sharp market correction in the coming few trading sessions.
  • A measured move to 21700 levels might be seen early in trade tomorrow.
  • Nestle India and Ultratech Cements are scheduled to announce their quarterly results tomorrow. Ultratech Cements' results will give markets an estimate about the condition of the realty and infrastructure sectors.

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