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Published on 24/07/2020 5:08:35 PM | Source: Emkay Global Financial Services Ltd

Bank nifty is trading within a rising wedge with odds rising for a significant break-out By S Hariharan, Emkay Global

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Below is the Quote on market by Mr. S Hariharan, Head - Sales Trading, Emkay Global Financial Services:  

’Nifty closed the week up 2.7%, though market breadth was poor - midcap index was flat for the week, and equal-weight Nifty was up only 1%. Much of this week's strength was attributable to Reliance and IT stocks. Bank nifty is trading within a rising wedge with odds rising for a significant break-out - this weekend's earnings release from ICICI can act as the trigger for this. Any move outside the 22100-23200 range in Bank nifty would be an important technical development. ITC & Eicher Motors are also poised close to resistance from 2-3 year downward trendlines, and bear watching. Next week's derivatives expiry comes in the backdrop of significantly improved retail sentiment, with gross long open interest in single stock futures segment up 300,000 lots, and hence, has a bullish undertone. FIIs have invested $1 bn in the last week and the flow environment remains supportive of a strong market for the coming week.’’

 

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