Analysis - June 18, 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
Indian indices ended in the red on June 17 amid concerns over escalation of the India-China border dispute. Also, the Supreme Court listed the matter related to Interest waiver during loan moratorium for the first week of August. Nifty closed 33 points down at 9881 and bank nifty closed 100 points down at 33507.
Lets see how the stocks we track performed based on the analysis on June 17th
Reliance Industries
Reliance trade the whole day above 1600 for the first day - opened at 1602, made high of 1635 and closed at 1615. So we got trades on both sides per the levels given on the last analysis
Per the ABCD pattern, we still have not closed above the point at 1618 on a daily closing basis.
The harmonic patten on a lower timeframe (15min) gives a bearish view; If Reliance trades below 1600, we could see 1585 and a reversal is possible around 1570.
From the F&O positions, it is seen that there is good increase in Future OI (8.8%) indicating fresh shorts being created. Tomorrow the Supreme Court is hearing the AGR case and we will have to observe what happens to Reliance in that perspective.
Bharti Airtel
It was a nice bullish day for Bharti - Opened at 546, made a low of 541 and gradually made a high at 565 and closed at 563.
It has been a volatile week so far - will have to observe the AGR case outcome for a clear direction. If the outcome is positive, Bharti could move towards 600 again. If the outcome is negative, we could see lower levels if the support around 540 zone is broken.
Per the charts, we got a good bounce from the 543 levels - the XABCD will be activated only below 543. The neckline resistance at 563 needs to be broken for higher levels.
From the Futures OI position, good short covering is observed indicating upside possibilities.
Anyways, it could be a volatile day on June 18, 2020 with the AGR case coming up for hearing in the SC
LIC Housing Finance
LIC Housing Finance continued its bullish trend today - Opened at 284, made a low of 281 to make a high at 296.4 and closed at 292. If 296 is breached, we can see higher levels of 305 and 315 in the coming days.
Futures IO show an huge increase of around 6% indicating new longs being added. LICHSGFIN formed a GOLDEN cross at a price of 292.15 using 20SMA and 50SMA.
From the charts, supports are placed at 284 followed by 275. Lets see if the bullish momentum continues to fill the gap between 305 and 315 in the coming days.
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