Analysis - July 29, 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

Indian market touched a near five-month high on July 28, tracking strong trends in other Asian markets that were trading higher on hopes of a further US stimulus that could cushion the economic impact of the coronavirus outbreak. Markets in Europe and Asia booked gains as investors wagered the US Federal Reserve would reaffirm its dovish stance this week and a tolerance for higher inflation, a Reuters report said. US Senate Republicans also proposed a $1-trillion coronavirus aid package as the virus pandemic has killed nearly 150,000 people in the country, the report added. Tracking the momentum, the Nifty50 reclaimed 11,300 levels, ending the day 168 points higher.

Let us see what's in store for July 29, 2020 and how the analysis for the last session (July 28, 2020) played.

Reliance Industries

Reliance regained the losses and made a high around 2191 - now it has formed a flag or a triangle pattern at the top. 2150 can now be considered to provide a good support. Now, it seems to be taking a pause before the next push. With the results to be announced on Friday, the July 30th - will have to stay cautious now.

Intraday levels:

Buy above:

2160 - Target 2180 / 2200

2200 - Target 2220 / 2240

Sell below:

2190 - Target 2170/2150

2150 - Target 2130/2110

Bharti Airtel

Expected bounce came from the 550 support levels. Bharti made a high at around 572 but settled for the day at 564. We could now draw an XABCD pattern with the possible target around 587 right inside the resistance zone. The rangebound trade continues .. 

Intraday levels:

Buy Above :

560 - Target 566 / 572

572 - Target 576 / 581

Sell Below :

565 - Target 559 / 554 / 550

LIC Housing Finance

LICHSGFIN touched the 269 levels right at the start and fell from there to make a low at 263 and gained good to make 270 as its high. It closed the day below 269, thus 269 is still the resistance to be broken decisively. With the XABCD now, if 269 is broken we can see 276 levels coming.

Intraday Levels:

Buy above:

269 - Target 272 / 276

Sell Below:

269 - Target  265 / 260

HDFC Bank

HDFC Bank made an exact reversal from the PRZ at the 0.786 Fib levels which also is the 'B' point for the ABCD pattern. So 1060 levels provided the support needed and brought the downfall to a halt. Let see if it makes more gains to reach the higher targets.

HDFC

HDFC made solid gains today from the 1840 levels to the highs of 1909 levels. This corresponds to the XABCD pattern shown and the upside possiblities exist upto 1922 levels. 1900 is the 0.886 fib levels and a possible reversal area too. 1909 level is a strong resistance level and needs to be crossed for further gains.

TCS

It was a solid day of gains for TCS - almost 100 points and closed near the high (2320) at 2309.75. The XABCD pattern shows maximum possible upside till 2352 levels and we could see some profit booking from there. It was a good run of 130+ points in the last 2 days.