Analysis - June 28, 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

Market posted gains for the second consecutive week that ended on June 26 amid volatility due to June F&O expiry, earnings, rising COVID-19 cases in India and around the world. The face-off between India and China along the border and the ongoing spat over trade between China and the United States remained investors’ key concerns. Nifty closed with a 91 points gain on June 26, 2020 on a last 30 minute buying spree.

Let us see how the analysis for  June 26, 2020 performed and the levels for June 28, 2020.

Reliance Industries

Reliance opened the day with a strong push from 1730 to 1745 and gradually gave up the gains through the day. Post 2pm there was a buying spree and Reliance shot up from day's low to close above the days's high at 1750.

1710 levels are forming a good support zone for the interim. If in the coming days 1800 is broken, 1900/2000 could be a possibility. On the downside, we will need a closing below 1700 to make a bearish view. Futures OI indicate a short covering of around 1%

Intraday Levels:

Buy above:

1720 - Target 1740

1740 - Target 1760/1780

Sell Below:

1760 - Target 1750/1740

1740 - Target 1730/1720

Bharti Airtel

Bharti opened around 559 and made a push towards 564 in the first session to give the gains slowly through the day. It formed a rounding bottom and made a high around 564 and slowly gave up the gains again. Overall a volatile day that ended up forming a DoJI

Trade for the next session is long above 568 and short below 568. Futures OI indicate a good short covering of around 3%

Intraday levels:

Buy Above :

560 - Target 566/572/578

Sell Below :

560 - Target 558/550

550 - Target 546/541/537

LIC Housing Finance

As expected it was a good buy in the first session above for a target for 279 per the DoJI predictions.

Post that it gave up all gains to close near the day's low 271 forming a sort of Dragonfly DoJI

LICHSGFIN is stuck in a range of 12 points between 266 and 278 for the last 5 sessions. Let us see on which side the it breaks in the coming week. Futures OI indicate a high decrease of about 19% indicating a short covering.

Intraday Levels:

Buy above:

270 - Target 275/279

Sell Below:

270 - Target 265/260/251

HDFC Bank

HDFC

Piramal Enterprises