- Bank Nifty broke the lower of an almost 20-day long pattern.
- The bears were clearly in control of the market, bringing the index down by 1.38%.
- 22000, which is the 50% 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 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 with 21738, the level, acting as a strong support.
- expectations will start to reflect in the index as most banks are expected to report Q1 FY21 within the next 2 weeks.