NSE:NIFTY Nifty 50 Index
Nifty - Technical Analysis:
- Nifty opened with a gap down and ended the day just above its low, forming a near perfect , which is an extremely signal.
- On the bright side, Nifty managed to hold its 10900 lower support.
- The index formed a near perfect on 15m charts.
Market - Driving Factors:
- PSU bank and Metal indices were the only 2 indices which ended the day in the green. Bank Nifty was the biggest loser, falling by over 2.6%
- Tata Motors gave a strong breakout and ended over 8% in the green today whereas Bandhan Bank fell over 10% following a 21% equity block deal
- narratives are starting to take steam on popular news media indicating that the bulls have something to worry about.
Nifty - Outlook for Tuesday, 4th August:
- Trade on Tuesday will be absolutely vital given that it has the ability to potentially signal a strong breakout. If Nifty breaks the lower , its bad news for the bulls.
- On the slightly brighter side, Nifty still has some breathing space to break out. A temporary pullback and further squeeze into the might be seen.
- Traders must be cautious and avoid taking huge directional bets on either side tomorrow morning.