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Bank Nifty Outlook for Tuesday, 14th July | 50x Investments

NSE:BANKNIFTY   NIFTY BANK
Bank Nifty Technical Analysis:
  • 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.

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