RIL, ICICI Bank: Trading outlook for buzzing stocks of the day

Except for Hindustan Zinc, which hit a new historic peak in the Q4, others have remained laggards.

Shares of Reliance Industries, ICICI Bank, Yes Bank and Hindustan Zinc will be in spotlight on Monday, post declaring their quarterly earnings. 

Reliance Industries posted a 19 per cent rise in net profit on year-on-year, ICICI Bank reported 30 per cent jump in net profit, while Yes Bank and and Hindustan Zinc both underperformed, by observing a 45 per cent and 12 per cent  decline in their net profits, respectively. 

In terms of share price performance, except for Hindustan Zinc, which hit a new historic peak in the Q4 quarter, others have remained laggard. 

Here’s the technical outlook for buzzing stocks:

Reliance Industries Ltd (RELIANCE)

Outlook: Trend remains dicey beneath the 200-DMA

While there is a trendline breakout with the 50-day moving average (DMA) representing as a support base, the tangible breakout emerges once the counter leaps over the 200-DMA. The 200-DMA and 50-DMA are sets at Rs 2,471 and Rs 2,331 levels, respectively. 

A breakout over the 200-DMA may see shares of Reliance Industries to rally in the direction of Rs 2,700 levels. CLICK HERE FOR THE CHART

ICICI Bank Ltd (ICICIBANK)

Outlook: Trend remains upward

After going through a rectangular formation since January to March of this year, the counter succeeded to breakout on the upside. This move is well-supported by the momentum indicator, Moving Average Convergence Divergence (MACD), which crossed the zero line upward.

Going forward, a closing basis support of Rs 870 shall assist this counter to defend any weakness. A gradual up move may see this stock moving towards RS 960 levels.  CLICK HERE FOR THE CHART

Yes Bank Ltd (YESBANK)

Outlook: Trend is sluggish

Until the stock trades below the 200-DMA placed at Rs 23.65, the trend might see a sluggish move. To be on the bull’s radar, only sustaining over the 200-DMA mark could see some bullishness. 

Since the start of this year, the counter has been trending on a lower side, with a negative bias. Better to stay aside unless there is a confirm trend. CLICK HERE FOR THE CHART

Hindustan Zinc Ltd (HINDZINC)

Outlook: Congestion areas Rs 340 to Rs 332

The stock has resiliently moved past crossing the 50-DMA set at Rs 295-mark. Thus, until this support is protected, the price action may see higher up moves. At this moment, the next breakout exists near Rs 340 levels.

Weekly chart indicates a congestion scenario in the range of Rs 340 to 332 level, which might turn as a hurdle for the upward trend. CLICK HERE FOR THE CHART