RIL, L&T, HDFC Bank: Strategies for blue-chip stocks in a range-bound mkt

The domestic equity markets were nursing losses on Monday, tracking weakness in Asia, as fresh lockdowns in the UK to curb the spread of a new coronavirus strain dampened sentiment. The benchmark S&P BSE Sensex hit an intra-day low of 46,694 in the morning deals while the broader Nifty50 index slipped to a low of 13,674.

Index heavyweights like Infosys, Reliance Industries, HCL Technologies, and Tata Consultancy Services were, however, trading higher up to 1.5 per cent higher on the Sensex, capping losses in the markets. 

Let's take a look at how some of these stocks look on the charts.

Larsen & Toubro Ltd (LT): After conquering the 200-weekly moving average (WMA) at Rs 1,173 levels, on a closing basis, the stock is nearing the resistance level of Rs 1,350 levels. A firm close above this mark may trigger a fresh rally towards Rs 1,500 levels. The overall trend remains bullish in the stock as it is exhibiting a stable upside with each corrective move meeting with long positions. The Moving Average Convergence Divergence (MACD), too, has crossed the zero line suggesting bullish sentiment to contunue. The support level comes in at Rs 1,250 level.CLICK HERE FOR THE CHART
 
Reliance Industries Ltd (RELIANCE): The Mukesh Ambani-controlled RIL needs to decisively conquer Rs 2,070 mark to attract fresh buying momentum. On the flipside, a breach below Rs 1,800 levels may drag the stock towards Rs 1,500 levels. The current momentum shows a sideways movement and a decisive rally on either side may build an aggressive sentiment. Volumes, too, have been sluggish, showing minimum interest from market participants.  CLICK HERE FOR THE CHART
 
Infosys Ltd (INFY): An "Ascending triangle" breakout on the weekly chart indicates a rally towards Rs 1,350 levels. Despite the Relative Strength Index (RSI), the indicator to gauge strength in the stock, being in the overbought condition, the stock is not witnessing any negative sentiment. A decisive close above Rs 1,200 level may see an aggressive uptrend in the stock, daily charts show. The support comes at Rs 1,150 levels. CLICK HERE FOR THE CHART
 
HDFC Bank Ltd (HDFCBANK): The private lender is witnessing selling pressure near Rs 1240 – Rs 1,260 levels. Once the stock surpasses this range, the upside may see a rally towards Rs 1,400 to Rs 1,500 levels. The overall trend suggests an upward breakout until the support of Rs 1,350 level is maintained. The RSI has a support of 50 value. CLICK HERE FOR THE CHART
 
Hindustan Unilever Ltd (HINDUNILVR): The stock of the FMCG bellwether is witnessing a resistance between Rs 2,500 and Rs 2,400 levels, as per weekly charts. The stock needs to negate the selling pressure with rising volumes to enjoy upside momentum. Until that happens, conquering this resistance seems a difficult task. That said, the positive crossover of 50-days moving average (DMA) with 200-DMA shows an upward sentiment which may drive the stock to the resistance range. The support comes at Rs 2,200 levels. CLICK HERE FOR THE CHART