Analysis - June 15, 2020

June 12, 2020 the markets opened huge gap down following the global cues. But it recovered spectacularly to close the day in green. As per the June 11th analysis the bearish targets got achieved on open and we got BUY trades for the day

Reliance Industries

Reliance opened at 1497 and closed at a high of 1593. All our buy levels got triggered and achieved the target 👍Over the weekend, news came out about the investment of TPG and L Catterton on the Jio platform taking the total value of Jio above 1 Lakh Crore.

There is no bearish view on Reliance at present. If a close happens above 1600 levels, 1700 is not far away. For the next week these are important levels to watch (assuming good global cues)

- close above 1618; will activate the ABCD pattern below

- possible target are 1633, 1650, 1667, 1691 and 1736 

- support seen at 1530/1540 

Intraday Levels for June 15, 2020 (if levels sustain) :

Buy above:

1590 - Target 1600/1610/1620

1620 - Target 1633/1650

Sell Below:

1620 - Target 1610/1600

1600 - Target 1590/1580

Bharti Airtel

Bharti opened at 540 on June 12, 2020 and gave a solid recovery in the early trade. Through out the day the levels sustained and closed around 562. The bearish view in the form Head and Shoulder came true splendidly ✌(but I was bullish 😝) 

Because of the AGR case in SC, Bharti saw volatility last week and the next hearing being on Thursday (18 June, 2020) can expect more volatility. In the charts below, we will see for more bearish possibilities as we know the upside levels already

Per the XABCD pattern, the PRZ is around 534

Per the ABCD pattern, the PRZ is around 523

If these levels don't hold, 500 is a possibility

On the upper side, 558 is a good support; 572/190 will be next resistance levels

Intraday Levels for June 15, 2020 (if levels sustain) :

Buy above: 

562 - Target 573

543 - Target 558/562

Sell Below:

572 - Target 562

562 - Target 558/543

543 - Target 534/523

LIC Housing Finance

LICHSGFIN opened at 258 on June 12, 2020 and just gave a one sided move to close above the previous days high at 281. Clear breakout happened on both the channel and the triangle patterns

The next level on the upside to watch is 296 above which the XABCD pattern will get activated (on the weekly TF). 

Important levels for the coming week - Resistance @ 296;  Support @ 258

Intraday Levels for June 15, 2020 (if levels sustain) :

Buy above:

281 - Target 287/296

271 - Traget 281

Sell below:

287 - Target 281

281 - Target 271