Analysis - June 19, 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
Despite negative global cues, Indian equity benchmarks logged strong gains on June 18, supported by a rally in banking and financial heavyweights. The Nifty settled 211 points higher at 10,091.65 while the Bank Nifty clocked 754 points to close at 20956.
"With the Supreme Court's AGR ruling providing a respite to exposed banks, the relief was visible in the banking stocks, especially those which had exposure to telecom companies. The banking index contributed the most to the positivity and almost all components of the index ended the day positively. The current geopolitical situation and associated comments also aided sectoral movements"
Let us see how the analysis on June 18, 2020 performed and the levels for June 19, 2020.
Reliance Industries
What a rally it was today in Reliance - Opened at 1605 and there was no looking back. In the second session, it picked up momentum to break level after levels to hit 1665. As was expected from the chart, on breaking the ‘B’ point in the ABCD pattern, new highs were made.
We will see tomorrow if there will be a gap up or some profit booking to cool off the RSI. Anyways, 1700 is not so far from here.
Bharti Airtel
It was a volatile day in Bharti - Opened at 564 and made a high of 571 and closed at 561. The trend line/neckline is acting as a good resistance and it exactly reversed from that level today. It formed sort of a DoJI candle today.
558/543 will be the support and 572 is the resistance levels
LIC Housing Finance
It was subdued day for LICHSGFIN - Opened at 292 and fell to 282 in the early session and stayed in a very narrow range of 282-284 for the whole day.
Reversal happened from the 'B' point levels of 296 and need a big move to take this level down for further upmove.
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