Analysis - July 16, 2020

DISCLAIMER : THIS IS A BLOG TO TRACK MY PERSONAL ANALYSIS. SHARING IT TO PEOPLE FOR EDUCATIONAL PURPOSE ONLY. I AM NOT SUGGESTING A TRADE BASED ON THE LEVELS GIVEN HERE

Benchmark indices on July 15 ended flat due to last hour selling seen in the infra, financial stocks, and in Reliance Industries. However, gains in the IT pack limited the fall. At close, Nifty was up 10.80 points, or 0.10%, at 10,618.20.

Lets see how the scripts we track fared per the analysis on July 15, 2020

Reliance Industries

The stock price ended in the red following the 43rd AGM wherein Mukesh Ambani announced that Google will invest Rs 33,737 crore for a 7.7 percent stake in Jio Platforms. Google and Jio are partnering to build a new smartphone operating system in India. Among other announcements, Ambani said the company aims to make O2C a separate entity. After trading higher through the day, the stock turned negative on this news. The company also said Jio is ready with a world-class 5G solution.

At the start, Reliance was flat at around 1942 and zoomed to all time high of 1978 by mid seession. As the AGM session started, the frantic selling intensified and by the fag end of the session made a low of 1798 and finally closed around 1840. 

The charts show that the exact support levels have been tested and none breached. Will the selling continue in the coming days or the 2000 peak be conquered ?

Intraday levels:

Buy above:

1800 - Target 1820/1840

1840 - Target 1850/1860

Sell below:

1840 - Target 1820/1800

1800 - Target 1780/1760

Bharti Airtel

No one would know why Bharti fell so much - is it because Reliance fell ? The entrie 4 day gains in Bharti got wiped out in a day - this just reminds the infamous qoute - "Bulls come up on the staircase, while the bears take the lift to go down".

One single bearish candle from the moment go - 589 to the lows of 560 for the day. The lower trendlines are intact. Though the fall was as expected, the intensity was just too huge. The resistance zone proved too strong to be broken.

What next - a recovery or a breakdown ?

Intraday levels:

Buy Above :

558 - Target 564 / 572 

572 - Target 576 / 581

Sell Below :

572 - Target 567 / 563

563 - Target 558 / 551

LIC Housing Finance

LICHSGFIN played to the tunes of our level - in the morning session opened at 265 and made a high of 268. It was hovering around the 264 range until the deadly fall came which took it close to the 'B' point levels of 259.

On the weekly, it has been a good sell off in the past 3 days. Lets see if this stock can bounce back.

Intraday Levels:

Buy above:

259 - Target 265/271

Sell Below:

263 - Target 259 / 254 / 248

HDFC Bank

HDFC Bank opened high at 1066 and went on to make a days high at 1078 before the deadly fall got back it to its opening levels. Need a closing above 1066 for any upside to sustain.

HDFC