Bank Nifty Outlook for Wednesday, 29th July | 50x InvestmentsBank Nifty - Technical Analysis:
Bank Nifty started off the day with a gap-up opening but soon corrected over 1.7% within an hour. The bears then started booking their profits due to which Bank Nifty retraced upward before settling near the day's high.
On the hourly chart, Bank Nifty gave a failed breakout above the EMA20 line and formed a red candle after it. This implies that there is some bearish strength remaining before the market corrects upwards.
Market - Driving Factors:
Ultratech Cement closed in the green by over 7% on the back of better than expected Q1FY21 results. These results also rubbed off on other realty firms with Prestige Estates ending over 12% up.
Nestle India reported a 11% increase in net profit on a YoY basis which was less than the street estimates due to which the stock ended in the red by over 1.4%.
Hopes of a fresh stimulus to be issued by the US Government kept the bulls optimistic and the Indian indices in the green.
Bank Nifty - Outlook for Wednesday, 29th July:
Bank Nifty might continue its upward retracement due to further profit booking by the bears given the hopes of a second stimulus by the US Government.
22216 (38.2% retracement level) will act as a strong resistance level for Bank Nifty tomorrow.
Airtel, Parle, Maruti and TVS Motors are scheduled to announce their results tomorrow. These results might affect the market sentiment in general and thus have a bearing on Bank Nifty as well.
