Analysis - July 30, 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

Markets traded volatile and settled with a cut of nearly a percent. After the initial uptick, the benchmark inched gradually lower as participants preferred to book some profit ahead of monthly expiry. Besides, the existence of a critical hurdle around 11,350 zone in the Nifty added to the pressure and it closed just above 11200. The outcome of Fed's meeting will also influence tomorrow.

Let us see what's in store for July 30, 2020 and how the analysis for the last session (July 29, 2020) played.

Reliance Industries

It was a profit booking day before the result and monthly expiry day tomorrow. Reliance opened around 2182 and it was a SELL from the get go. It made a low at 2071 and closed the day at 2090 levels. Per the XABCD pattern shown, the downside is open till 2000 levels. We will wait for the result announcement to see how the market reacts. 

Intraday levels:

Buy above:

2100 - Target 2120 / 2120

2120 - Target 2140 / 2160

Sell below:

2140 - Target 2120/2100

2100 - Target 2080/2060

2060 - Target 2040/2020

Bharti Airtel

Another day of consolidation with a positive bias - opened at 565, made a low at 560 and a high at 569 to close the day at 566 forming a nice spinning top candle. Today is the result announcement for Bharti and the gist is as follows ..

Bharti Airtel reported a consolidated net loss of Rs15,933 crore in the April-June quarter, its fifth in succession, mainly due to one-time expenses. But India mobile services continued their recovery, with average revenue per user (ARPU) rising for the fifth straight quarters. Consolidated quarterly revenue for the quarter grew 15.4% on year. The company’s average revenue per user (ARPU) grew to Rs 157 from Rs 154 in the previous quarter.

This looks to be a good result and lets see how the market reacts tomorrow.

Intraday levels:

Buy above:

566 - Target 572 / 578 / 585

Sell below:

565 - Target 560 / 555 / 550

LIC Housing Finance

It was a good day in LIC Housing Finace - 269 broken and straight to the PRZ zone at 276 - the script made a high of 278 and then reversed to 273. The next level to watch is 278 which will act as a resistance and if broken can see 288 levels per the XABCD shown below.

Intraday levels:

Buy above:

273 - Target 278 / 281 / 284

Sell below:

273 - Target 269 / 265

HDFC Bank

HDFCBank broke the support at 1080 and tested the 1060 support levels - it managed to stay afloat and closed around 1065 levels. If the 1060 support levels give up, we are possibly headed towards 1019 levels.

HDFC

HDFC made a high of 1918 on open and started falling through the day to close at 1878 levels. The PRZ levels of the XABCD in 'yellow' has pulled down the script more than once. HDFC needs a closing above 1908 for any further upmove.

TCS

TCS made a new 52 week high at 2342 right at the open and started falling through the day. It exactly reversed from around the PRZ at 2350 levels as expected. We will watch for the next move