 "RIL, HUL, Tech Mahindra: Here's how to trade these stocks post Q4 results")
Index heavyweights Reliance Industries (RIL), Hindustan Unilever (HUL), and Tech Mahindra were trading in the negative territory on Monday post their March quarter results announcements, with Tech Mahindra taking the biggest knock.
The information technology (IT) services company on Thursday missed the profit estimates for Q4FY20 on higher employee costs and a one-time impairment charge even as the company said it was expecting a recovery in demand in the medium term.
On the other hand, HUL's volume decline was a big disappointment while RIL's results received mixed reviews from brokerages.
Here's an analysis of these stocks on technical parameters and how you should trade them -
Reliance Industries Ltd (RELIANCE): After a strong surge from the levels of Rs 1,100 in recent times, the counter awaits for a next upside located at Rs 1,500 levels. Once this level is conquered aggressively, then a possible rally towards 1,600 and thereafter towards 1,650 which would bea new lifetime high, cannot be ruled out. The support remains at Rs 1,410 and Rs 1,351 levels, which are its 100-day moving average (DMA) and 200-DMA, respectively. CLICK HERE FOR THE CHART
Hindustan Unilever Ltd (HINDUNILVR): With a formation of “Double Top” pattern, the counter is witnessing selling pressure as per the daily chart. The support remains at 200-DMA placed at Rs 2,019 levels. A major breakdown may trigger downside below a close of Rs 1,980 levels. The Relative Strength Index (RSI) is suggesting a “Head and Shoulder” pattern with a negative crossover, a sign of weakness going ahead. CLICK HERE FOR THE CHART
Tech Mahindra Ltd (TECHM): With the major resistance placed at Rs 600 levels on a bigger perspective, the counter is losing strength day by day. Going ahead, till the Rs 500 level is held on a closing basis, one can hope to retrieve the strength and positive momentum. The relative strength index (RSI) should not fall below 35 values, if that happens, then the selling pressure might surge, driving prices to breakdown levels.CLICK HERE FOR THE CHART
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