Index trend and stocks in action on July 29, 2020
Finally, Nifty broke out of the five-day sideways range in style as it reclaimed 11,300 level for the first time after March 3. At close, Nifty jumped 1.52 per cent. Almost 42 stocks of Nifty50 ended in the green.
The price action of the day formed a sizable bullish candle, which managed to close above the five-day sideways range. As the price has broken on the upside with a big bull candle, for now, there is no weakness in the index. Like earlier, the current consolidation also broke on the upside.
On the upside, the zone of 11,350-11,377 is likely to act as a resistance zone whereas, on the downside, immediate support is seen around at levels of 11,225-11,240, which is at the upper end of the consolidation range.
As the price is clearly indicating, we are in an uptrend. Our advice for the traders is to be with the bullish bias as long as the level of 11,150 is protected on the downside. However, volatility could be seen as we are nearing the July series expiry so, maintain a strict stop-loss.
Hindustan Media Venture: The board of directors of the company at its meeting held on July 27, 2020, has approved investment in Parijat Innovations Private Limited that operates www.Hubhopper.com.
TCS: TCS and Zinier Launch Field Service Automation Solution are set to protect essential workers as well as ensure business continuity.
Havells: The company’s executive committee in its meeting approved the issuance of commercial papers for an amount of Rs 500 crore.
Bank of Baroda: The bank raised Rs 981 crore by issuing additional tier-1 bonds under Basel III norms.