Adani Enterprises to RIL: Potential leaders and laggards among Nifty50

Charts suggest that among the key Nifty heavyweights, Infosys, HDFC Bank and ICICI Bank look poised for gains, while Reliance is likely to consolidate in the near-term, writes Rex Cano

Adani Enterprises

Adani Enterprises has closed below its 20-DMA (Daily Moving Average) in the last two trading sessions, with momentum oscillators turning negative on a daily scale. On the downside, the stock has near support in the Rs 3,125-Rs 3,150 range, below which a dip to Rs 2,950 seems likely. The stock is expected to face considerable resistance around Rs 3,275 and Rs 3,335.

Bajaj Finance

Bajaj Finance has been trading with a negative bias since a breakdown in mid-January, after which the stock shed 17 per cent in the following period. The stock’s recent lows at Rs 6,188 and Rs 6,100 are likely to act as strong support. On consistent trade above Rs 6,340, the stock can potentially rally to Rs 6,900, with interim resistance seen at Rs 6,580.

BPCL

After a record high of Rs 688 on February 16, BPCL witnessed sideways consolidation. momentum oscillators turned negative on a daily scale. The stock is struggling to remain afloat above its 20-DMA. Sustained trade below the same, can trigger a slide towards the 100-DMA. Interim support for the stock can be around Rs 583. On the higher side, it may face resistance at Rs 667.

HDFC Bank

HDFC Bank has been an underperformer in 2024, having declined over 20 per cent at the lowest point of the year. The stock seems to have found support at Rs 1,415, and select momentum oscillators on the verge of turning favourable on the weekly scale. A break and sustained trade above Rs 1,460 can trigger a rally towards Rs 1,500, with an extension to Rs 1,530 in its 100-DMA.

 

Hindustan Unilever

Hindustan Unilever has been trading in a band of Rs 2,350-Rs 2,700 since August 2022. In the last two months, the stock seems to have retested support at the lower-end of the existing trading band, and now may attempt to re-test the upper range in the coming months. On its way up, the stock may see resistance at around Rs 2,530.

ICICI Bank

The stock of ICICI Bank has rallied 21.5 per cent in the past five months. The stock is expected to maintain its uptrend as long as it sustains above Rs 1,070, with support seen at Rs 1,055. Overall, the stock seems to be trading in a rising channel after its breakout in early December and could scale Rs 1,170 on the upside. Meanwhile, the near resistance for the stock is seen at Rs 1,098.

 

Infosys

After a rally of over 10 per cent in the first seven weeks of 2024, Infosys had a price correction of 7.4 per cent in the following three ­weeks. This week, the stock tested support at its 20-WMA (Weekly Moving Average) at Rs 1,557. Its near-term bias may remain positive as long as it sustains above Rs 1,595 on a closing basis. On the upside, the stock faces resistance at Rs 1,633, above which it can potentially re-test Rs 1,690 levels.

ITC

Following a near 11 per cent decline in the previous two months, ITC now seems to be in pullback mode that is aided by a positive divergence in select key momentum oscillators. The stock is likely to exhibit positive bias as long as the stock holds its 20-DMA at Rs 408.50. On the upside, the stock can potentially rally towards its 50-DMA at Rs 433, with some interim resistance around Rs 423.

NTPC

NTPC has had a 90 per cent rally, holding above the higher-end of the monthly Bollinger Bands for nine months. As the stock trades in overbought territory, bias is expected to remain positive if it sustains above Rs 345 on a monthly-closing basis. On the upside, the stock may scale Rs 405, with interim resistance at Rs 369 and Rs 387. In case of dips, it may seek support around its 20- and 50-DMAs at Rs 339 and Rs 325.

Reliance Industries

Reliance seems to be in a consolidation phase, with the stock facing resistance around the Rs 3,000-mark. Momentum oscillators like the 14-day RSI (Relative Strength Index) and the MACD (Moving Average Convergence-Divergence) indicate a negative bias. Hence, the stock may face downward pressure in the near term and test support around Rs 2,825. In the interim, it may seek support around Rs 2,900.