Analysis - June 11, 2020

June 11, 2020 was a bearish day for the Indian Markets.  As per the June 10th analysis most of the bearish views came true

Reliance Industries

Reliance opened at 1566 and kept falling through the day in a channel to make a low of 1531. 1540-1545 gave some support but did not hold on today's selling 

The handle in the form of a small cup is ruled out now. 1530 acted as a good support and we will see if the price moves up tomorrow.  So per the levels given we got a good SELL trade today 

Intraday levels:

Buy above:

1540 - Target 1550/1560

1560 - Target 1570/1580

Sell Below:

1530 - Target 1515/1500

1550 - Target 1540/1530

Bharti Airtel

It was a volatile day in Bharti today because of the AGR case hearing in SC. Bharti opened at 570 levels today and made a high of 573.8. After that it was very violent with a lot of spiky moves on both sides. The low for the day was 546.7 and it closed above 551. Today 549 acted as a good support 

So my bearish view came true and the chart below shows the neckline broken in the Head and Shoulder pattern. Since the important levels 572/558 are broken, upside is kind of ruled out immediately. If 549 is broken, 535/530 should act as a support.

Intraday Levels:

Buy Above: 

550 - Target 560/566/572

530 - Target 542/550

Sell Below:

550 - Target 546/540/535

572 - Target 560

LIC Housing Finance

LIC gave the expected breakout today 🙂😎It opened at 266, made a low of 263 and shot up one way to make a high of 279 !! Over the day as nifty corrected, slowly it also corrected to close the day at 271.6

We got the triangle breakout and the channel breakout - but at the close the prices came back into the channel. Let us see if LIC can sustain at the higher levels tomorrow.

Intraday Levels:

Buy above:

272 - Target 280/284

260 - Target 266/272

Sell below:

270 - Target 263/258

260 - Target 252