Index trend and stocks in action on July 15, 2020

Karan Dsij
/ Categories: Trending
Index trend and stocks in action on July 15, 2020

After opening the session in red, Nifty remained under pressure throughout the day and closed nearly 2 per cent lower and just managed to hold 10,600 mark on a closing basis.

The price action of the day formed a bearish candle with a lower high and a lower low. Further, Nifty appeared to have breached from its six-day tight consolidation zone. If we look at Tuesday’s fall, it is almost equal to the tight consolidation range as we have kept mentioning time and again that breakout or breakdown from the consolidation leads to fast movement and this is what we have managed to see.

Now, going forward, the zone of 10,500-10,550 is a crucial support level for Nifty. Any close below this level would lead to a further decline towards the levels of 10,200-10,170. On the upside, an immediate hurdle for the bulls would be the level of 10,670, which was at the lower end of the six-day tight consolidation range. Any move above this level has the potential to take the index towards 10,750 mark.

Negative divergence on the RSI is confirmed with the RSI moving below swing low, which has broken the long uptrend line support. The MACD histogram also turned negative.

As long as Nifty stays below 10,670 levels, traders are advised to be with a bearish bias.

 

Bharti Airtel: Verizon and Airtel partners to bring secure enterprise-grade BlueJeans video conferencing to India.

Infosys: Vanguard announced that it will partner with Infosys as part of its ongoing strategy to enhance and evolve its full-service defined contribution (DC) business.

Yes Bank: The bank allocated 3,415,384,614 equity shares to the anchor investors. Anchor investor allocation price: Rs 12.00 per equity share, which may be subjected to change upon determination of the offer price.

Bharat Electronics: In a move that could provide a major boost to the civil aviation industry, Airports Authority of India (AAI) has entered into a memorandum of understanding (MoU) with Navratna Defence PSU Bharat Electronics Limited (BEL). It aims to provide a platform for both the companies to collaborate and support each other in order to address the emerging global opportunities in the airport business, including those in Asia Pacific region.

Salasar Techno Engineering: The company has received an order of 189 telecom towers to be supplied to ATC NIGERIA worth US$ 2.43 million.

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