NIFTY - Technical Analysis:
- On the daily chart Nifty broke into the previous wedge after giving a failed breakout
- There was a big OI build up for weekly call options at 10700 strike, indicating that writers are confident that Nifty won't cross 10,700 levels in the next 2 days
- MACD entered negative levels, giving out a strong sell signal
NIFTY - Driving Factors:
- The hangover of poor TCS numbers is still being felt in the IT space
- Banks and NBFCs reeling under the pressure of potential rise in NPAs, Bank Nifty was down by over 3% today
- Biocon was the shining star in today's trade, rising almost 5.2% because of their new drug announcement to treat severe COVID cases
NIFTY - Outlook for Tomorrow, 15th July:
- A failed breakout of a wedge usually leads to test of the lower trend-line and might even go all the way down to the start of the trend if the bearish pressure continues
- 10,544 (lower trend-line) and 10,390 (23.6% retracement level) will be crucial support levels
- Infosys is set to announce its Q1 FY21 results tomorrow. If TCS's earnings are anything to go by, Infosys' results might further add to the bearish pressure.