Analysis - July 28, 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

Benchmark indices broke their winning streak to end lower on July 27 due to selling seen in the banking and financial names. At close, Nifty was down 62.40 points, or 0.56%, at 11,131.80.

Let us see what's in store for July 28, 2020 and how the analysis for the last session (July 27, 2020) played.

Reliance Industries

Another day - another all time high - almost reached the target of 2200 (high was 2198.4). It was pretty volatile with movement on both sides and finally a RED candle in the last 7 days. Reliance made a low at 2120 levels after making the new high but gradually regained 2190 levels but closed the day at 2156. Is this the start of the profit booking or the much sought after correction ? Will it form a RED candle to completed the 'Evening Star Pattern' tomorrow ? 

Intraday levels:

Buy above:

2120 - Target 2140 / 2160

2160 - Target 2180 / 2200

Sell below:

2150 - Target 2130/2110

2110 - Target 2090/2070

Bharti Airtel

Bharti made some move finally but on the downside - piereced the support around 550 levls to make a low of 544 but staged a tremendous recovery towards 560 levels to make a high at 563 to close the day at 558.

The support levels of 550 has played well today - lets see if Bharti makes more gains tomorrow.

Intraday levels:

Buy Above :

560 - Target 566 / 572

572 - Target 576 / 581

Sell Below :

565 - Target 559 / 554 / 550

LIC Housing Finance

Range broke on the downside today in the first 5 mins today. Per the XABCD reversal came from the PRZ area around 263.5. Further upmove is 269 is broken decisively. Below 264, we could see the levels of 259/255 on the downside.

Intraday Levels:

Buy above:

266 - Target 269 / 272

Sell Below:

266 - Target  262 / 258

HDFC Bank

The market did not like Aditya Puri selling his stake it seems - HDFC Bank opened around 1100 and was falling through out the day. As was suggested, 1080 levels seemed to provide some support. If the downtrend continues below 1060, we could see 1040 levels per the XABCD pattern shown below on the 45m timeframe. Next major supports are around 1065, 1019 levels.

HDFC

HDFC opened at 1840 levels and immediately fell to 1825 levels and it was volatile in the first session. At the end it closed near the 'B' point levels of 1850 above the weekly DoJI. 

TCS

As expected, TCS was on the move positively from the beginning - It opened around 2164 levels and made a high around 2214 and closed the day at 2207. If TCS break the resistance zone around 2210, it can make further moves quickly. On the daily, it had formed a nice 'morning star' pattern - lets see if TCS can go about making new highs in this swing