HDFC Bank Ltd (HDFCBANK)
: After staging a decent recovery towards Rs 1,100 levels recently, the counter has been trading below Rs 1,050 with a downside bias. It hit a low of RS 955 on the BSE in intraday deals on Tuesday. Any close below Rs 970 levels may further dampen the upside move. The Relative Strength Index (RSI) is trading in oversold territory, but the stock itself is not showing any signs of bottoming out yet.
ICICI Bank Ltd (ICICIBANK):
The stock price has now breached the 400 level in three straight sessions. In the first two instances, the stock witnessed a close above the said level. Till the time ICICI Bank
trades above Rs 400 on a closing basis, the upside bias remains intact. On the higher side, Rs 420 – Rs 425 may act as resistance levels. At current price of Rs 398, the RSI is trading in the oversold territory.
Axis Bank Ltd (AXISBANK):
As the counter trades below 200-weekly moving average (WMA), any up move may see strong selling pressure in the range of Rs 560 – Rs 580 levels. The immediate resistance stays at Rs 545 levels. A close below Rs 500 levels may trigger strong downside. The counter shows some recovery in early hours of intra-day sessions, but the move fizzle out by the end of the session. The overall trend, thus, remains cautious.
State Bank of India (SBIN):
Major upside may emerge for the counter above Rs 250 levels. It may enter consolidation phase in the range of Rs 240 to Rs 210 in the coming sessions. The overall trend remains stable and any major move is expected after the breakout of the said range.
Bank of Baroda (BANKBARODA):
The counter has exited the oversold territory on RSI. It has also crossed the significant resistance of Rs 68 levels. These factors may trigger a short-term upside in this stock. The next resistance is at Rs 75 levels while support remains at Rs 63 levels.