Analysis - July 23, 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 shed 18.60 points, or 0.17 percent, to close at 11,143.70 after a volatile session on July 22, 2020. Nifty opened right at the resistance zone of 11200 and fell from the get go and was seeing selling pressure everytime it tried to come to the 11170/80 levels. At the fag end, nifty managed a substantial gains from the day's low to close around 11140 levels.

Let us see what's in store for July 23, 2020 and how the analysis for the last session (July 22, 2020) played.

Reliance Industries

And there it is - 2000 !! ✌🎖🏅- Reliance played to perfection on the BUY levels given. It made a low of 1961 and then gradually scaled the peaks to hit 2000 and even better closed above it at 2005. Last 3-4 sessions it has been trading in a nice channel. Will the bullish momentum continue or will we see a profit booking again ?

Reliance industries result have been postponed to July 30, 2020 from the earlier July 24, 2020 

Intraday levels:

Buy above:

1980 - Target 2000 / 2020

2020 - Target 2030 / 2040

Sell below:

2000 - Target 1980/1960

Bharti Airtel

A choppy session again - the lower trendline is intact at the end of the day - we got trades per our levels on both sides - No material change in the charts - Bharti continues its consolidation - for how long ?? 🤔

Intraday levels:

Buy Above :

566 - Target 572 / 576 / 581

Sell Below :

572 - Target 566 / 560

550 - Target 554 / 550

LIC Housing Finance

Again no change in the charts - movement both sides - at the end a spinning top for the day - our BUY levels played good today. so - 269 is the level of importance. 

Intraday Levels:

Buy above:

269 - Target 272 / 279

Sell Below:

269 - Target 266 / 262 / 258

HDFC Bank

HDFC Bank witnessed selling for the third day - though the 'Bank Nifty Index' was performing good with contributions from Axis/ICICI - HDFC Bank kept a low key - may be it was managed to rein-in the index. On the daily chart, the last 3 candles have formed a not so ideal 'evening star' pattern - will see for confirmation on the next session. HDFCBank fell below 1130 intraday but managed to close around 1128 at the end of the day.

HDFC

HDFC witnessed profit booking after yesterday's gains - but managed to close around the highs at 1896 at the end of the day - it can run more till 1920