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

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.

Comments

I have bought 22600 ce 2 days ago at 180 , now the price came to 80, should i sell this at loss or I should wait for the market to recover again
Reply
Algokart sushantsinghrajput23
@sushantsinghrajput23, Bank Nifty might move up temporarily due to profit booking by the bears and hopes of a fresh stimulus by the US Government. But fundamentals are still not looking great so sell on rise.
Reply
Sir 22100 c.w hold r sale sir for tomorrow
Reply
Algokart chramakrishna03
@chramakrishna03, More downfall expected in coming days if crucial support levels are broken
Reply
Sir I hold a ce 22400 for expiry

Just like 20 points loss I'm going in

Give me a possible update wthr to hold or to give immediate sell?
Reply
Algokart ajmalshamsudeen
@ajmalshamsudeen, sell it when it rises. Banknifty doesn't seem bullish in coming days
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DM or comment on post to get details of the above analysis or any other query.
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