Analysis - June 29, 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

Headline indices Nifty ended lower on June 29 amid mixed global cues as surging coronavirus cases around the world threatened to derail economic recovery hopes.

Nifty finished 71 points, or 0.68 percent, lower at 10,312.40 while the Nifty Bank index closed 1.08 percent lower.

Let us see how the analysis for  June 28, 2020 performed and the levels for June 29, 2020.

Reliance Industries

It was a pretty volatile day and the first session saw a sell off from 1740 to 1710. After that it was a day of consolidation and closed around 1720 levels. 1710 level is acting as a good suppot for Reliance.

The chart shows a pennant formation - also a possible cup formation - will we see a break to either side tomorrow ?

Futures show an increase in OI pointing to a short buildup.

Intraday Levels:

Buy above:

1720 - Target 1740

1740 - Target 1760/1780

Sell Below:

1760 - Target 1750/1740

1740 - Target 1730/1720

1720 - Target 1700/1690

Bharti Airtel

Bharti gave moves on either side of the DoJI today. It opened below the DoJI at 559 and made a low of 551. From there it recovered significantly to 569 and closed at 567 for the day.

The chart below indicates an XABCD patter with the 'B' point at 566.4 above which we have a closing today. The possible upside targets are 576 and 584. On the downside 550 acts as a good support.

Futures OI indicate a good amount of long buildup.

 

Intraday levels:

Buy Above :

568 - Target 572/578/584

560 - Target 564/568

Sell Below :

570 - Target 566/560

560 - Target 555/550

LIC Housing Finance

The Dragonfly DoJI worked like a charm - A straight 11 point fall from the open (271) to make a low of 259 on the first session. It recovered a bit over the day and closed at 265 to come back into the channel range.

Futures OI indicate a short buildup. LIC is range bound with a negative bias until it comes back to retest the 279 levels.

Intraday Levels:

Buy above:

265 - Target 270/275/279

Sell Below:

270 - Target 265/260

260 - Target 255/251

HDFC Bank

HDFC Bank made a good move today to gain 40 points from the get go. It formed a bullish belt hold pattern.

We have got closing above the 'B' points in the harmonic patterns below. Will HDFCBANK sustain these levels to make higher moves ?