Analysis - June 26, 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 markets remained volatile on June 25, tracking muted trends in other Asian markets and as traders rolled over their positions from June series to July series. The Sensex fell 26 points to close at 34,842 while the Nifty50 ends at 10,288, 16 points down

World stocks slipped to their lowest in over a week as a surge in US coronavirus cases and an IMF warning of a nearly 5 percent drop in the global economy dented sentiment.

Let us see how the analysis for  June 25, 2020 performed and the levels for June 26, 2020.

Reliance Industries

Reliance opened at 1727, made a high of 1749, low of 1713 and closed at 1717. It was mostly a single sided move from 1740 after the initial surge.

Reliance is seen consolidating at the upper levels. It has printed a inverted hammer candle. 1710/1720 levels have been acting as a good support and bounces are seen from this level.

Intraday Levels:

Buy above:

1700 - Target 1720/1740

1740 - Target 1760/1780

Sell Below:

1750 - Target 1740/1730

1730 - Target 1720/1690

Bharti Airtel

It was a very rangebound day in Bharti. First 15 minutes range of 550 to 563 was not broken the entire day. It closed at 559 at the end of the day.

Will there be a bounce back or will it go to the lower end of the channel ? Lets see tomorrow

Intraday levels:

Buy Above :

550 - Target 555/560

560 - Target 566/572/578

Sell Below :

572 - Target 568/563

563 - Target 558/550

550 - Target 546/541/537

LIC Housing Finance

Again a DoJI day in LIC with a trading range of 7 points between 265 and 172.

Though the channel is broken, tomorrow will decide the direction for the next week. 

As usual, long above 268, short below 268.

The XABCD pattern shows a possible bearish view that will get activated only below 220 levels. On the upper side 296 needs to be taken out.

Intraday Levels:

Buy above:

268 - Target 271/275/279

Sell Below:

268 - Target 265/260/251