Analysis - July 17, 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

After a volatile Wednesday, it was a terrific Thursday as the bulls managed to push the benchmark indices higher. Nifty50 reclaimed 10,700 levels with gains of 1.1 percent to 10,739. Sectorally, IT, healthcare, banks, auto, metal stocks saw buying while selling pressure was visible in telecom and power space.

Lets see how the scripts we track fared per the analysis on July 16, 2020

Reliance Industries

It was a calm after the storm day in Reliance - very subdued - though the markets rallied, Reliance did not largely participate but did not play spoilsport too. Anyways, the long term trendline is intact but the the price is below the wedge line. 

It's a DoJI on the daily and the 4h time frames. Tomorrow's trade will decide the direction for the coming days. Its a buy above 1842 and sell below 1842 for the trading session on July 17, 2020.

Intraday levels:

Buy above:

1800 - Target 1820/1840

1840 - Target 1850/1860

Sell below:

1840 - Target 1820/1800

1800 - Target 1780/1760

Bharti Airtel

Bharti opened at the lows of the last session and immediately fell to 553 but gradually gained back to the 560 levsl and closes above the trendline. The 553/555 zone is acting as a good support and the trading range for Bharti have been 550 to 590 levels for a while now. Lets see if Bharti makes further gains in the coming days.

Intraday levels:

Buy Above :

558 - Target 564 / 572 

572 - Target 576 / 581

Sell Below :

563 - Target 558 / 551

LIC Housing Finance

See how the '259' played a crucial level - at the start 259 was broken and immediately regained in the next candle (5m TF) - from there it was a one way ride till 265. There was a good rally from 259 earlier, lets see how things span this time.

Intraday Levels:

Buy above:

259 - Target 265 / 271 / 275

Sell Below:

263 - Target 259 / 254 / 248

HDFC Bank

Finally a 'green' candle after 4 sessions - 1050 levels are turning up as a good support zone. Still need a closing above 1066 for the ABCD pattern to get activated.

HDFC

The PRZ at 1765 is still good. Multiple bounces are seen from this level. Though HDFC lost a lot of ground in the intial session, it managed to close back into the channel. Can we make further gains from here ?