Analysis - June 25, 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

The market snapped its four-day winning streak on June 24 ahead of June futures and options contracts expiry, with the benchmark indices falling 1.58 percent, dented by weak European cues and selling pressure across sectors barring FMCG. The Nifty lost around 250 points from the day's high and closed with a loss of 165.70 points at 10,305.30, forming a bearish engulfing pattern on the daily charts.

Let us see how the analysis for  June 24, 2020 performed and the levels for June 25, 2020.

Reliance Industries

Reliance opened higher at 1743 and as expected started giving up the gains to make a low of 1711. It was time to lift Nifty and Reliance shot up 60 points to a high of 1772 and fell from there to close at 1732.

As suggested, on the whole it was a day with trades on both sides. Reliance has formed an inside candle. Tomorrow's trade will decide the direction. If Nifty needs to go higher, Reliance should support.

Inside candle day - movement on either side possible tomorrow

Buy above:

1720 - Target 1730/1740/1750

1750 - Target 1760/1780

Sell Below:

1750 - Target 1740/1730

1730 - Target 1720/1690

Bharti Airtel

It was a bearish day on Bharti. The channel breakout on June 22, 2020 was a false breakout. 

Personally I was expecting a bullish breakout 😒, but as suggested yesterday it printed an indecisive candle suggesting move in any direction. We got a super SELL trade on the levels suggested.

The harmonic pattern shows a perfect reversal as well.  The support zone is still around 540/530 levels and we can expect a bounce from that levels.

Intraday levels:

Buy Above :

541 - Target 550/558

558 - Target 572/578

Sell Below :

572 - Target 566/558

558 - Target 550/541

LIC Housing Finance

LICHSGFIN played to the tunes of Nifty today - opened at 273, made a high of 279 and fell to 270.

Today's candles is also an Inside Candle to the big RED candle on Monday. We will see the action tomorrow if Monday's range break's out in any direction.

Intraday Levels:

Buy above:

270 - Target 276/279/281

281 - Target 284/288

Sell Below:

281 - Target 276/270

270 - Target 269/266/258