Analysis - June 10, 2020

Reliance Industries

Reliance opened at 1540 and gave a good move over the session till 1560. It blasted to 1580 in the last 20 mins. So we got a good buy trade per the levels given yesterday (June 9)

Let us see the chart and levels for June 11, 2020 trading session.

Per the chart above, the retracement could end up forming the handle to complete the cup and handle pattern.  On the lower timeframe it is trading inside a channel - so can consider a position based on where it breaks

If reliance gives a daily closing above 1600, it can go higher to 1700 soon.  1540 will act as a good support for the interim.

June 11, 2020 being a weekly expiry day anything can happen. The intraday levels are as follows

Buy above:

1575 - Target 1582/1590/1600

1560 - Target 1570/1580

Sell Below:

1590 - Target 1575/1570

1570 - Target 1560/1540

Support @ 1540/1515

Bharti Airtel

Bharti opened at 571 and fell to the day's low of 563. It moved up to make a high of 576 and closed the day at 565. Per the levels suggested yesterday (June 9), we got trades on both the sides 

The chart shows a possible Head and Shoulder formation which could get activated if the price comes down to 558. There are multiple supports on the downside and a slide may not be possible. 

Personally, I am bullish on this script and it needs a closing above 572/590 to make new highs.

For the trading session on June 11, 2020 the following are the intraday levels

Buy above:

565 - Target 572/576

572 - Target 576582

Sell below:

576 - Target 572/566

566 - Target 560/558

558 - Target 549

Support @ 558/549

LIC Housing Finance

LICHSGFIN opened at 254 and moved up in a one sided fashion to make a high of 368 and closed at 266.

Per the levels suggested yesterday (June 9), we got a nice trade on the long side

From the chart above, we can see that there is a channel that is being adhered to. The triangle pattern is also converging - lets see if we can get a breakout tomorrow 

Intraday Levels, if sustain

Buy above:

260 - Target 267/270

270 - Target 276/286

Sell below:

270 - Target 267/260

260 - Target 252/243