Analysis - July 21, 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

Extending gains into the fourth consecutive session, Nifty closed with healthy gains on July 20. The Nifty reclaimed the 11,000-mark as strong results by HDFC Bank, HCL Technologies and Britannia Industries boosted market sentiment. The Nifty Bank index ended 1.62 percent higher at 22,321.85 on July 20

Let us see what's in store for July 21, 2020 and how the analysis for the last session (July 20, 2020) played.

Reliance Industries

Reliance was witnessing a mute first session and later it showed a nice upward momentum post 2pm and then turned choppy - it closed the day at 1919 levels forming a DoJi on the daily. On the weekly, it is trading on the positive side of the Weekly Doji (above 1910 levels). Tomorrow's trade setup can be taken as per the levels given below (based on the DoJi)

Intraday levels:

Buy above:

1920 - Target 1940/1960

Sell below:

1920 - Target 1900/1880

Bharti Airtel

Bharti bounced as expected - it was consolidating early on but gave a nice move to make highs around 275 during the end of session. It turned too volatile as the AGR case came up for hearing in the SC around 2pm - it made a high at 281 exactly at the upper flag-line and closed the day at 575.

Intraday levels:

Buy Above :

572 - Target 576 / 581 / 586

Sell Below :

581 - Target 576 / 572

572 - Target 566 / 560

LIC Housing Finance

LICHSGFIN traded in the positive zone today - made a high of 272 but is facing a resistance around the 269 levels. Per the XABCD pattern shown on the 45m TF, it needs to cross 269 to make further gains. 259 is a good level of support.

Intraday Levels:

Buy above:

269 - Target 272 / 279

Sell Below:

269 - Target 266 / 262 / 258

HDFC Bank

Post the good result, HDFCBank gave a GAP up openeing around 1145 levels -  made a high at 1152 and consolidated in this range to close at 1130. If it continues to trade above 1130, it can witness the higher target per the XABCD patterns.

HDFC

As was suggested, the GAP in the downtreand got filled by a GAP UP - 1843 was the open price and HDFC fell from that levels to its resistance zone of 1818 - it made a low of 1805 and closed for the day.

If it breaks 1820 decisively, it can make further gains.