ril stock price: Big Movers on D-St: What should investors do with RIL, ICICI Bank, Kotak Mahindra Bank after Q3 results?

Indian markets closed lower on Friday tracking muted global signals. S&P BSE Sensex fell more than 200 points while Nifty50 managed to hold on to 18000 last week.

On the sectoral side, buying is seen in the electricity, utilities, banking and public sectors while selling is seen in telecommunications, consumer durables, FMCG and metals.

Notable stocks include names like

which stock fell more than 1%, this stock closed flat but tended to be positive ahead of the results, and every stock closed flat but trended negative.

This is what Pravesh Gour, Senior Technical Analyst,

Recommendations investors should do with these stocks when the market returns to trading today:

ICICI Bank: Buy
On the weekly chart, the counter has broken out of the triangle, while on the daily chart it is moving in a downward sloping channel and has retested the previous breakout of 838 Rs where it formed a base.

The overall structure of the counter is favorable for long-term investors, as it is trading above the 9 and 200-SMA moving averages.

The RSI (relative strength index) is poised to be positive, while the MACD (moving averages convergence and divergence) is seeing a centerline crossover on the upside. above. On the higher side, Rs 900 is acting as an important psychological level. Above this level, we can expect Rs 920+ in the near term, while lower at Rs 835 will act as key support in any correction.

Going forward, the uptrend is expected to continue and investors can benefit from buying at current levels and selling at higher levels.

Dependent industries: Buy
The counter saw a cup and handle breakout on the weekly chart and a triangle breakout on the daily chart. It is being retested near the breakout level of Rs 2400.

The structure of the counter is suitable for long term investors, as Rs 2300–2400 is a strong demand zone from which one can enter positions at Rs 2800. Above this level, we could see a fresh rally towards 3000+ levels.

On the downside, 2300 is the key support and below this, 2150 is the next level.

Bank Kotak Mahindra: Avoid
The counter has been moving in a long consolidating range since Nov 20 on the weekly chart. The counter formation is a bit distorted as it is trading below all the important moving averages. Currently, it is located near the demand zone around Rs 1640-1660.

On the downside, Rs 1740 is a key psychological support, below this we can expect 1700 in any correction, while on the upside, Rs 1800 is resistance at the 20-SMA, above this level we can expect a level of Rs 1824 .

(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own. These do not represent the views of The Economic Times. )


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