RIL, Asian Paints, Axis Bank: Key levels to watch out for post Q3 results

As stocks turn volatile post Q3 results, watch out for these key levels on the likes of ICICI Bank, Hindustan Unilever, CoForge and UltraTech Cement among others and plan your trading strategy.

Equity markets have been buzzing with action, with benchmark indices and stocks on a roller-coaster ride amid the current Q3 earnings seasons so far in January.

Many frontline companies with the likes Reliance Industries (RIL), Hindustan Unilever (HUL), Asian Paints, UltraTech Cement, ICICI Bank, Axis Bank and CoForge reporting earnings over the last few days.

Here's a quick check on the key levels to watch out for on these stocks as per the charts:

Reliance 

Current Price: Rs 2,661

Support: Rs 2,660; Rs 2,612

Resistance: Rs 2,750

RIL is presently testing support at its 20-DMA (Daily Moving Average) at Rs 2,660 levels, below which the next support for the stock is seen around Rs 2,612, wherein exists the super trend line. As long as these support levels are protected, the stock can attempt to bounce back to Rs 2,750 levels. CLICK HERE FOR THE CHART

Hindustan Unilever

Current Price: Rs 2,422

Support: Rs 2,367

Resistance: Rs 2,430

At the day's low of Rs 2,367 on Wednesday, HUL was down over 11 per cent for the calendar year 2024 so far. Presently, the stock is seen attempting to make a pullback. The recent low could act as near term support, while sustained trade above Rs 2,430 levels could ignite hopes of a pullback towards Rs 2,525 - its 100-DMA. CLICK HERE FOR THE CHART

Asian Paints

Current Price: Rs 3,000

Support: Rs 2,930

Resistance: Rs 3,040; Rs 3,140; Rs 3,200

Shares of Asian Paints have tanked almost 12 per cent so far in 2024, at the day's low of Rs 2,994. Select momentum oscillators like the 14-day RSI (Relative Strength Index) is presently trading in oversold zone. Having said that, the stock will need to start trading above Rs 3,040 levels in order to attempt a pullback rally.

The overall chart structure suggests a negative bias for the stock, with strong resistance expected around Rs 3,140 and Rs 3,200 levels. On the downside, the stock may revisit its October lows around Rs 2,930. CLICK HERE FOR THE CHART

UltraTech Cement

Current Price: Rs 9,995

Support: Rs 9,620

Resistance: Rs 10,350

UltraTech Cement has been consolidating sideways since the last two weeks, in a broad trading range of Rs 9,730 - Rs 10,130. The stock is likely to remain sideways for some more time, as the DI index indicates lack of strength at the counter. 

On the downside, the stock has good support around it 50-DMA at Rs 9,620, whereas the upside seems capped around Rs 10,350 for now. CLICK HERE FOR THE CHART

ICICI Bank

Current Price: Rs 1,027

Support: Rs 998; Rs 985

Resistance: Rs 1,070; Rs 1,085

The price-to-moving averages action is favourable for ICICI Bank, both, on the daily and weekly chart. In case of any dip, the stock is expected to find considerable support around its 20-DMA at Rs 998, below which next support is seen at Rs 985. On the upside, the stock could scale Rs 1,070 - Rs 1,085. CLICK HERE FOR THE CHART

Axis Bank

Current Price: Rs 1,070

Support: Rs 1,046

Resistance: Rs 1,075; Rs 1,108

Back-to-back heavy losses in the last two trading sessions, saw Axis Bank dip below its 100-DMA in intra-day deals today. The 100-DMA stands at Rs 1,046. Presently, the stock has clawed its way back to the 50-DMA at Rs 1,090 levels. The stock needs to trade consistently above Rs 1,075 in order to arrest the downturn.

In case the stock succeeds in doing so, it can potentially rally higher and test its 20-DMA at Rs 1,108 levels. On the flip side, failure to sustain above Rs 1,075, can trigger a fall towards the 200-DMA which stands at Rs 990. CLICK HERE FOR THE CHART

CoForge

Current Price: Rs 6,245

Support: Rs 6,085; Rs 6,010

Resistance: Rs 6,266

CoForge has grinded lower in the last four trading sessions; however, the current down move lacks strength hence the stock may look to consolidate in the near term.

The super trend line indicates; support for the stock around Rs 6,085 levels on the daily scale, below which immediate support is seen at Rs 6,010 - the 50-DMA. On the upside, the stock needs to break and sustain above its 20-DMA at Rs 6,266, in order to move higher towards Rs 6,550 levels. CLICK HERE FOR THE CHART