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