Analysis - July 2, 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

It was a positive start for the month of July 2020. Nifty gained 128 points, or 1.24 percent, to end at 10,430 and Bank Nifty out performed with a 600 point gain or 2.8 percent. Today being an expiry day, things could be very volatile

Let us see how the analysis for  July 1, 2020 performed and the levels for July 2, 2020.

Reliance Industries

As expected the bounce came from the lower levels. 1710/1700 has seen a good consolidation and could be the launch pad for much higher levels. On the downside 1660 is the level to watch to take a bearish view. 

Intraday Levels:

Buy above:

1720 - Target 1740

1740 - Target 1760/1780

Sell Below:

1740 - Target 1730/1720

1720 - Target 1710/1700

Bharti Airtel

Bharti opened around 575 levels for the second day and saw continuous selling. It is facing resistance at the 570 levels, whereas 560 is acting as a good support. If we closed above 564, it could signal a positive momentum to get a breakout.

Intraday levels:

Buy Above :

574 - Target 578/585

560 - Target 566/574

Sell Below :

576 - Target 570/564

564 - Target 558/550

550 - Target 546/541/537

LIC Housing Finance

The inverted hammer played to perfection. It was a one way ride from the start; opened at 266 and just kept going to make a high at 278. Will we see a pull back from the channel high or will the range breakout today ?

Intraday Levels:

Buy above:

270 - Target 275/279

279 - Target 285/291

Sell Below:

279 - Target 273 / 270 / 265

265 - Target 260/251

HDFC Bank

We have got a closing above the 'B' point clearly. All the upside targets are valid and active.