Index trend and stocks in action on July 30, 2020
Nifty opened flat and moved higher to hit an intraday high of 11,341 during the early trade but soon, profit booking emerged and it went for a downward spiral to touch an intraday low of 11,149.75.
However, the pullback from lower levels in the last leg of the trade helped Nifty to recoup some of its losses and as a result of this, it ended the day above 11,200 mark.
The price action formed a bear candle with a wick on both side and the price moved back into the congestion area of 11,058-11,240. Even though follow-through move missed after a consolidation breakout, Nifty managed to hold its prior bar low.
Going ahead, the level of 11,150 is likely to act as important support and as long as Nifty manages to hold this level, it would make an attempt to move higher on the upside where the level of 11,250, followed by 11,340, is likely to act as a resistance level on the upside.
The RSI has closed below the prior swing low and confirmed a negative divergence. There is a negative divergence in +DMI too. So, the indicators are giving a negative outlook.
As the monthly expiry is on the cards, trade cautiously with strict money management rules.
NITCO: NITCO Ltd has been the first Indian tile brand and the only ceramic wall & floor tile manufacturing company to carve an entry as the preferred tile brand supplier for one of the largest counter retail entities in the US. It has secured the largest export business order on the strength of its design and quality, garnering an entry across more than 1,000 stores in the United States.
Praj Industries: Praj and Automotive Research Association of India (ARAI) have entered into an alliance to drive green fuel technologies for transportation.
ONGC: The company has approved the offer and issuance of up to 5,000 unsecured via non-convertible debentures (NCD) of the face value of Rs 10,00,000 at par, aggregating to a total issue size of up to Rs 500 crore on private placement basis, at the interest rate of 5.25 per cent per annum.