Analysis - July 3, 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
Extending the gains into the second consecutive session, Nifty ended higher on July 2, supported by IT and auto stocks. Positive global cues on reports of encouraging trials of a vaccine for COVID-19 influenced sentiment. Nifty surged 122 points, or 1.17 percent, to end at 10,551.70 whereas the Bank Nifty under performed by closing 0.11 percent lower at 21,953.
Reliance Industries
Reliance opened at 1943 levels, made a low of 1935 and shot up in the first session with momentum to hit 1960 and consolidated around that level to close at 1760 with a high at 1767.
On the 4 hour TF, we can clearly see a CUP pattern emerging which could propel it to 1800 levels if successful. So, are we going to see new highs for Reliance soon ?
Intraday Levels:
Buy above:
1740 - Target 1760/1780
1780 - Target 1800
Sell Below:
1760 - Target 1750/1740
1740 - Target 1730/1720
Bharti Airtel
Bharti is in consolidation mode - traded today in a narrow range on both sides. It opened at 564, went to 558 and then shot up to 566 and closed at 558 again. The 558 level is getting tested multiple times, and it is acting as a support for now.
We could expect a bounce from here or from 550 sooner. If 550 is given up, 540 is on the cards.
Intraday levels:
Buy Above :
550 - Target 558/566/574
541 - Target 546 / 550
Sell Below :
566 - Target 558/550
550 - Target 546/541
LIC Housing Finance
LIC broke the range and traded between 276 and 283 with a closing near the day's high. Will it retest 296 level again and attempt a breakout ??
Intraday Levels:
Buy above:
276 - Target 279/282
282 - Target 287/291
Sell Below:
285 - Target 279
279 - Target 273 / 270
HDFC Bank
HDFC Bank performed poorly and it has formed a Dragonfly DoJI today - Lets see if it gives up more tomorrow and forms a RED candle.
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