Analysis - July 24, 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 resumed its upward march on July 23, supported by gains in select heavyweights, including Reliance Industries, ICICI Bank, Kotak Mahindra Bank, ITC and State Bank of India (SBI). Nifty closed 83 points, or 0.74 percent, up at 11,215.45.

Let us see what's in store for July 24, 2020 and how the analysis for the last session (July 23, 2020) played.

Reliance Industries

There is no stopping - Reliance is on auto pilot mode now - it gained 70 points today to close around 2075. There is the news on Amazon buying a stake in the retails buisness (JioMart). So, there is going to be a gap up tomorrow - will we see 2100 on Friday ?

Intraday levels:

Buy above:

2040 - Target 2050 / 2060

2060 - Target 2080 / 2100

Sell below:

2100 - Target 2080/2060

2060 - Target 2050/2040

Bharti Airtel

Nothing changed - Traded in the same range as yesterday - hoping for a muted close for this month too without any big moves.

Intraday levels:

Buy Above :

566 - Target 572 / 576 / 581

Sell Below :

572 - Target 566 / 560

550 - Target 554 / 550

LIC Housing Finance

Again no material change - traded in the same range for the past 3 days - closed a bit higher at 273 today.

Stuck in a range :(

Intraday Levels:

Buy above:

269 - Target 272 / 279

Sell Below:

269 - Target 266 / 262 / 258

HDFC Bank

HDFC Bank tried to move up a bit in the first session but fell back to 1130 levels by close. It is consolidating at this level - need to move decisively above 1150 or fall below 1120.

HDFC

HDFC made more gains today till the 0.786 level of the harmonics at around 1910 and then reversed. It lost around 30 points on profit booking to close at 1870 levels - there is more upside left.