Analysis - June 24, 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

Benchmark indices rallied for the fourth consecutive day on June 23 supported by the buying seen across the sectors. At close, Nifty was up 159.80 points or 1.55% at 10471. About 1929 shares advanced, 749 shares declined, and 143 shares were unchanged. 

Let us see how the analysis for  June 23, 2020 performed and the levels for June 24, 2020.

Reliance Industries

Reliance witnessed follow through selling from yesterday. As suggested, Reliance gave a good SELL trade from 1750 and made a low of 1716. 

Now we have an Evening Star in the daily charts indicating a downside possibility until 1697/1670.

Nifty made tremendous strides to close above 10400 without Reliance participating the rally. Reliance cannot lag behind if the rally in Nifty is to sustain. So could expect some pull back in Reliance too.

Futures OI shows increase suggesting new shorts being added. 

Intraday Levels:

Buy above:

1720 - Target 1750

1750 - Target 1760/1780

Sell Below:

1750 - Target 1740/1730

1730 - Target 1720/1690

Bharti Airtel

It was a calm day in Bharti with a range bound trades in both sides. Bharti opened at 581, made a high of 584, low of 574 and closed at 578. 

It has formed an inside candle on the daily charts and the 578 levels have been held. Tomorrow's trade could decide the direction for the coming days.

Futures OI has decreased indicating some long covering.

Intraday Levels:

Buy Above :

570 - Target 575/581/588

588 - Target 593/600

Sell Below :

593 - Target 585/578

578 - Target 572/563

563 - Target 558/550

LIC Housing Finance

LICHSGFIN recovered and pushed itself back into the channel today. It opened at 269, made a high of 276 and closed at 273.

Yesterday's lows have been defended and this could act as a support for a while. On the daily chart, it can be seen that today's candle is an inside candle and a BULLISH HARAMI formation. 

So we could get a good upside move if the trade happens above 273 levels on June 24, 2020

Intraday Levels:

Buy above:

273 - Target 276/279/281

281 - Target 284/288

Sell Below:

281 - Target 276/273

273 - Target 269/266/258