Infosys, ICICI Bank: 5 largecap stock ideas to trade amid market pullback

Technical charts show that shares of Infosys, ICICI Bank, Dr. Reddy's, Eicher Motors and Shriram Finance can potentially rally up to 15% from here on as Nifty attempts a pullback towards its 100-DMA.

The NSE Nifty 50 index has gained 4 per cent from its recent low of 22,787, and is now seen quoting around 23,650 levels, comfortably above its 20-DMA (Daily Moving Average). On Thursday, the Nifty hit a high of 23,773, and then slipped into red, and was down 0.2 per cent in intra-day deals.  Technically, the Nifty seems on course to test its 100-DMA, which now stands at 24,230 levels. Interim resistance for the NSE benchmark index is placed at 23,770 and 24,035.  The underlying trend of Nifty remains positive. The bullish higher tops and bottoms pattern has started to form on the daily chart. Hence, any dip from here could be a buying opportunity. A decisive move above 23,800 could open next upside towards 24,100 - 24,200 levels, says Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities in a note.  As such, here are 5 Nifty 50 stocks that can potentially rally up to 15 per cent amid the current market pullback.  ICICI Bank  Current Price: Rs 1,269  Upside Potential: 9.5%  Support: Rs 1,240; Rs 1,225  Resistance: Rs 1,285; Rs 1,340  ICICI Bank has been facing consistent resistance around Rs 1,275, wherein the 50- and 100-DMA coincide, for the last three trading sessions. Support for the stock on the downside is placed at Rs 1,240 and Rs 1,225 levels. On the upside, break and sustained trade above Rs 1,285 can trigger a potential rally towards Rs 1,390, with interim resistance seen at Rs 1,340. CLICK HERE FOR THE CHART    Infosys  Current Price: Rs  1,911  Upside Potential: 7.8%  Support: Rs 1,885; Rs 1,875  Resistance: Rs 1,966; Rs 1,992  Infosys is seen testing resistance at its 50-DMA, which stands at Rs 1,910 for the third straight day. Chart suggests that the stock is expected to trade with a favourable bias as long as it holds above Rs 1,875 - Rs 1,885 support zone. On the upside, the stock can surge to Rs 2,060, with interim resistance seen at Rs 1,966 and Rs 1,992 levels. CLICK HERE FOR THE CHART  Dr. Reddy's  Current Price: Rs 1,244  Upside Potential: 11.7%  Support: Rs 1,220; Rs 1,170  Resistance: Rs 1,290; Rs 1,350  Dr.Reddy's is seen testing its 20-DMA hurdle after almost a month, the short-term moving average stands at Rs 1,255. Given that the key momentum oscillators are showing positive divergence on the daily scale, the stock is likely to breakout above the 20-DMA in the near-term. As such, the stock can potentially jump back to Rs 1,390 levels with interim resistance likely around Rs 1,290 and Rs 1,350. Support on the downside exists at Rs 1,220 and Rs 1,170. CLICK HERE FOR THE CHART    Eicher Motors  Current Price: Rs 5,341  Upside Potential: 6.7%  Support: Rs 5,200  Resistance: Rs 5,500  Eicher Motors is seeing some profit-taking in the last four trading sessions. Technical chart, however, suggests that the stock is likely to trade with a favourable bias as long as it sustains above Rs 5,200. On the upside, the stock can rally to Rs 5,700 with interim resistance likely around Rs 5,500. CLICK HERE FOR THE CHART  Shriram Finance  Current Price: Rs 566  Upside Potential: 14.8%  Support: Rs 530  Resistance: Rs 593  Shriram Finance has bounced back above its 200-DMA, and is now seen testing resistance at the 50-DMA at Rs 576. The near-term bias is likely to remain positive as long as the stock trades above Rs 530. On the upside, the stock needs to trade consistently above Rs 593 for a likely rally towards Rs 650. CLICK HERE FOR THE CHART