Analysis - July 14, 2020
DISCLAIMER : THIS IS A BLOG TO TRACK MY PERSONAL ANALYSIS. SHARING IT TO PEOPLE FOR EDUCATIONAL PURPOSE ONLY. I AM NOT SUGGESTING A TRADE BASED ON THE LEVELS GIVEN HERE
The indices erased some of the intraday gains but ended higher on July 13, helped by IT, FMCG, metal and energy stocks. At the close, Nifty ended 34.70 points or 0.32% higher at 10,802.70
Lets see what happened as per the analysis on July 13, 2020
Reliance Industries
Reliance jumped more than 3 percent, hitting fresh record high after Qualcomm Ventures, the investment arm of Qualcomm Incorporated, committed to invest up to Rs 730 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Qualcomm Ventures’ investment will translate into a 0.15% equity stake in Jio Platforms on a fully diluted basis. The market cap of the company stood at Rs 12,29,210.53 crore.
With a gap up open, the momentum continued to make a high of 1947 which is around the Price Reversal Zone (PRZ) per the ABCD harmonic pattern. There was a good fall till 1910 and during the end all the losses were recovered to close at 1935.
What next is the important question? Will there be profit booking or will we hit 2000. With the AGM coming up on July 15th - things could be volatile - there is nothing technical at this point - 1864 is an important support to watch out for.
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