Analysis - June 17, 2020

DISCLAIMER : THIS IS A BLOG TO TRACK MY PERSONAL ANALYSIS. SHARING IT FOR EDUCATIONAL PURPOSE ONLY. I AM NOT SUGGESTING A TRADE BASED ON THE LEVELS GIVEN HERE

What a day it was - Benchmark indices closed on a positive note amid volatility on June 16. The market opened higher in the morning on the back of positive global cues, but turned negative during the day on escalating tensions between India and China. The indices though bounced back in afternoon to close in the green. At close, Nifty was up 100 points. 

As per the June 16th analysis, let us see what happened.

Reliance Industries

Reliance opened at an all-time high of 1648 and fell one way till 1585 and from there showed a 'V' shaped recovery to closed at 1615. As per the levels given, we got a good SELL trade in the first session and a BUY trade in the second session - thats a double whammy ✌

As said already, closing above 1600 is good - Global cues, if good will take Reliance to 1700+

Per the ABCD pattern in the chart - a close above 1618 will confirm higher levels for sure

Intraday Levels, if sustain :

Buy above:

1585 - Target 1600/1615

1615 - Target 1625/1635

Sell Below:

1625 - Target 1615/1605

1605 - Target 1585/1560

Bharti Airtel

Airtel opened at 558, made a high of 559 and started falling one way till 537. It closed around the important support level of 543. We got the entire SELL trade as per the levels given 👍

To continue on the bearish view, the chart shows another XABCD pattern based on the entire up swing. If 543 does not hold, we can see 534 from where a reversal is possible.

Below that 523 and then it will be 500 

Everything now depends on the AGR case scheduled for hearing on 18th June, 2020 (Thursday).

Intraday Levels, if sustain :

Buy Above: 

535 - Target 545/558

558 - Target 565/572

Sell Below:

558 - Target 546/540/535

535 - Target 525/510

Good Support @ 530 levels

LIC Housing Finance

LICHSGFIN continued its upside streak spectacularly today from the get go. Opened at 275 and made a high at 295.5. As the news came on India-China tension, it started falling and breached the day's low at 273 and managed to close at 284. 

We got the BUY trade per our level (275 to 296). Again 275 to 284 trade was also possible on the BUY side. 

Now, everything depends on how Nifty performs based on the global cues.

For the immediate period; 296 will be the resistance and 268 will be a good support

Intraday Levels, if sustain :

Buy above :

272 - Target 280/288/296

296 - Target 305/318

Sell Below:

296 - Target 290/283

270 - Target 267/260