 "Trading strategies for HDFC Bank, Infosys and ICICI Pru post Q4 results")
The key benchmark indices opened with a huge gap down on Monday after a four-day holiday break dragged by index heavyweights Infosys and HDFC Bank.
Over the break, Infosys, HDFC Bank and ICICI Prudential Life Insurance Company announced Q4 results, while the former two dis-appointed on the operational margin front, the latter saw the net profit nearly triple in the quarter ended March 2022.
Meanwhile, here's a quick technical analysis of the stocks post the Q4 numbers.
Infosys Ltd (INFY)
Outlook: Cautious view
In the last session, the shares of Infosys held the support of 200-day moving average (DMA) near Rs 1,729. Now, “the Gap down opening with its inability to recuperate” further shows a negative bias. Similarly, at this moment the stock trades under 50-weekly moving average (WMA) placed at Rs 1,682. The outlook seems to display cautious view and needs to be monitored over the next few trading sessions. CLICK HERE FOR THE CHART
HDFC Bank Limited (HDFCBANK)
Outlook: Subdued
On a broader perspective, the HDFC Bank stock seems to have failed in attracting follow-up buying. The stock did manage to gain momentum on the announcement of HDFC merger, but could not hold the positive strength. The next support for the stock comes at Rs 1,350. The major breakdown mark falls at Rs 1,247, its 200-WMA. On the higher side, the stock needs to sustain above Rs 1,600 to regain the breakout sentiment, shows the daily chart. CLICK HERE FOR THE CHART
ICICI Prudential Life Insurance Company Ltd (ICICIPRULI)
Likely target: Rs 595
Upside potential: 7%
The stock has broken out of 100-DMA resistance, as per the daily chart. This can result into a strong rally that could fetch a run towards Rs 595, which is its 200-DMA mark. The chart structure looks robust with the Moving Average Convergence Divergence (MACD) rising above the zero line. The support for the stock exists at Rs 535 level. CLICK HERE FOR THE CHART
Over the break, Infosys, HDFC Bank and ICICI Prudential Life Insurance Company announced Q4 results, while the former two dis-appointed on the operational margin front, the latter saw the net profit nearly triple in the quarter ended March 2022.
Meanwhile, here's a quick technical analysis of the stocks post the Q4 numbers.
Also Read
Outlook: Cautious view
In the last session, the shares of Infosys held the support of 200-day moving average (DMA) near Rs 1,729. Now, “the Gap down opening with its inability to recuperate” further shows a negative bias. Similarly, at this moment the stock trades under 50-weekly moving average (WMA) placed at Rs 1,682. The outlook seems to display cautious view and needs to be monitored over the next few trading sessions. CLICK HERE FOR THE CHART
HDFC Bank Limited (HDFCBANK)
Outlook: Subdued
On a broader perspective, the HDFC Bank stock seems to have failed in attracting follow-up buying. The stock did manage to gain momentum on the announcement of HDFC merger, but could not hold the positive strength. The next support for the stock comes at Rs 1,350. The major breakdown mark falls at Rs 1,247, its 200-WMA. On the higher side, the stock needs to sustain above Rs 1,600 to regain the breakout sentiment, shows the daily chart. CLICK HERE FOR THE CHART
ICICI Prudential Life Insurance Company Ltd (ICICIPRULI)
Likely target: Rs 595
Upside potential: 7%
The stock has broken out of 100-DMA resistance, as per the daily chart. This can result into a strong rally that could fetch a run towards Rs 595, which is its 200-DMA mark. The chart structure looks robust with the Moving Average Convergence Divergence (MACD) rising above the zero line. The support for the stock exists at Rs 535 level. CLICK HERE FOR THE CHART
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