RIL, ICICI Bank: Charts indicate up to 11% upside for these heavyweights

Index heavweights, Reliance Industires (RIL) and ICICI Bank, both, declared a strong set of earnings over the weekend for the recently concluded September quarter. The Mukesh Ambani-led firm reported 43 per cent YoY surge in Q2 net at Rs 13,680 crore, backed by 51 per cent jump in revenue. On the other hand, the private-banking major's Q2 net rose 30 per cent YoY to Rs 5,5100 crore, its highest-ever profit.

Following the stupendous performance, both stocks started the trading day on a positive note, with ICICI Bank still in flambouyant form, up nearly 12 per cent in intraday trade. Reliance needs to sustain above Rs 2,700 for a strong upward momentum, while ICICI Bank seems to be on track to Rs 900 level.

Here's how the two stocks look on the charts.

Reliance Industries Ltd (RELIANCE)
Likely target: Rs 3,000 (on sustaining above Rs 2,700)
Upside potential:  11%

The shares of Reliance Industries Ltd are witnessing selling pressure above Rs 2,700-level, according to the daily chart. That’s said, as long as the support range of Rs 2,400 to Rs 2,300 is not breached, the positive bias is expected to regain momentum in the coming days. The immediate support for the stock exists at Rs 2,525-level. Once the stock manages to hold above Rs 2,700-level decisively, the breakout may see a sharp jump in the direction of Rs 3,0000mark.  CLICK HERE FOR THE CHART

 
ICICI Bank Ltd (ICICIBANK)
Likely target: Rs 900
Upside potential:  10%

After conquering the major hurdle of Rs 740-level recently, the stock has been moving in unchartared territory. The gap-up trade  seen on Monday shows a continuation of the strong bullish sentiment, which is likely to see the counter rally towards Rs 900-level in the upcoming sessions. The immediate support for the stock is at the Rs 780 and Rs 760 levels, as per the daily chart. The overall trend indicates the positive interest of market participants.  CLICK HERE FOR THE CHART