Analysis - July 31, 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

Selling for the second consecutive day led the Indian equity markets lower on the last day of the July F&O series on July 30. The NSE Nifty 50 index ended 100.7 points or 0.9% lower at 11,102. Markets traded volatile and settled with a cut of over half a percent on the F&O expiry day. Initially, the benchmark opened with an uptick, led by supportive global cues however the selling pressure in the latter half trimmed all the gains and pushed the index in the red.

Let us see what's in store for July 31, 2020 and how the analysis for the last session (July 30, 2020) played.

NO commentary today as I was busy today on account of Varalakshmi Viratham and other household chores.

Reliance Industries

Spinning top on the daily - 2138 acted as a good resistance. Results declared and looks like the JIO only has boosted the numbers - If the market does not like, 2000 is on the cards.

Bharti Airtel

Resulat reaction day - started off well at 570 and fell heavily below the 550 support levels and went till 540. Bounce possible tomorrow

LIC Housing Finance

Level 277 did not hold in the carnage today - below 263, 257 is possible per the XABCD pattern on the 120m chart.

HDFC Bank

The support level of 1060 was broken and went till 1047 where some reversal was seen around the PRZ. Will it bounce back tomorrow ?

HDFC

Volatile day because of results - though the results beat estimates HDFC tanked along with the market - the XABCD suggests possible downside till 1784/1764 levels. Right at the bottom of the channel - bounce is possible.

TCS

Made a new 53 week high at 2358 but did not withstand the market carnage.