Bank Nifty Outlook for Tuesday, 14th July | 50x Investments
Bank Nifty Technical Analysis:
Bank Nifty Driving Factors:
Bank Nifty Outlook for Tuesday, 14th July:
- Bank Nifty broke the lower trend line of an almost 20-day long rising wedge pattern.
- The bears were clearly in control of the market, bringing the index down by 1.38%.
- 22000, which is the 50% Fibonacci Retracement level, acted as a strong support.
Bank Nifty Driving Factors:
- Yes Bank FPO failed to excite market participants despite the deeply discounted offer price.
- Most banks and NBFCs ended up deep in the red due to concerns of rising NPAs because of the moratorium
Bank Nifty Outlook for Tuesday, 14th July:
- The downward breakout of the wedge seen today was not supported by high volumes and hence a pullback might be seen tomorrow in the form of a gap-up opening.
- However, the hourly trend tomorrow post open is likely to be bearish with 21738, the 61.8% retracement level, acting as a strong support.
- Earnings expectations will start to reflect in the index as most banks are expected to report Q1 FY21 earnings within the next 2 weeks.