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.