Analysis - July 22, 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

Nifty rose for the fifth consecutive day on July 21 supported by positive global cues after European Union leaders reached an agreement on a massive stimulus plan to combat the coronavirus pandemic. Reports of successful progression of COVID-19 vaccine trials also boosted sentiment. Positive quarterly earnings provided additional support to the Indian market. The Nifty closed 140 points, or 1.27 percent, higher at 11,162.25.

Let us see what's in store for July 22, 2020 and how the analysis for the last session (July 21, 2020) played.

Reliance Industries

DoJI again - we have seen in the past analysis how DoJi plays an important role in bringing momentum. Reliance opened gap up at 1936 - and it was an one way gradual upmove to 1976 close to the all time highs. Will be hit 2000 this week ? It has been a positive week so far with the past 2 sessions giving good momentum on the upside.

Intraday levels:

Buy above:

1960 - Target 1980 / 2000

Sell below:

1960 - Target 1940/1920

Bharti Airtel

Bharti, again fell from the upper trendline - Bharti opened at 580 and fell to 566 by the end of the day - slowly the trading range is shrinking within the triangle - 590 on the upside and 550 on the lower side are the key levels to watchout for the break.

Intraday levels:

Buy Above :

566 - Target 572 / 576 / 581

Sell Below :

572 - Target 566 / 560

550 - Target 554 / 550

LIC Housing Finance

LICHSGFIN gave a bounce from 269 as expected but again fell back to the starting levels - forming another inverted hammer on the daily. As long as 269 is held we can hope for upmoves to keep coming.

Intraday Levels:

Buy above:

269 - Target 272 / 279

Sell Below:

269 - Target 266 / 262 / 258

HDFC Bank

HDFC Bank opened gapup around 1155 levels in the PRZ area and continued to fall through the day. It is still trading above 1130 and could give the much expected bounce anytime. If if falls below 1130, things could become bearish.

HDFC

Today is the day of HDFC - as was being said in the last 2 days, as 1820 levels got broken, see the momentum that came in. There was no stopping HDFC - it gained 60+ points to make a high around 1900. There is still some upmove left till 1930 levels - the channel also confirms this trading zone.