Bank Nifty Outlook for Tuesday, 28th July | 50x InvestmentsBank Nifty - Technical Analysis:
Bank Nifty had a gap down opening and continued downward, closing 3.5% down.
Bank Nifty breached the 22000 level before holding the 61.8% retracement level.
Market - Driving Factors:
Aditya Puri, Managing Director of HDFC Bank, sold over 95% of his stake in the company. Multiple other insiders sold their HDFC Bank shares over the last week.
Gold is up over 2% and silver over 7% today, indicating that another shift to safe haven assets might occur soon with the uncertainties about equity markets rising.
Bank Nifty - Outlook for Tuesday, 28th July:
The bears are strengthening their grip on the market indicating that we might be in for a sharp market correction in the coming few trading sessions.
A measured move to 21700 levels might be seen early in trade tomorrow.
Nestle India and Ultratech Cements are scheduled to announce their quarterly results tomorrow. Ultratech Cements' results will give markets an estimate about the condition of the realty and infrastructure sectors.
