“🚀 Stock Market Shakeup: Shocking Predictions for HDFC Bank, Reliance, and TCS! You Won’t Believe What’s Coming Next! 2023”

On Wednesday, the domestic stock market indices extended their recent decline, recording significant losses ahead of the US Federal Reserve’s policy review. The BSE Sensex witnessed a substantial drop of 796 points, equivalent to a 1.18% decline, closing at 66,800.84. Similarly, the NSE Nifty experienced a notable decline of 231.90 points, representing a 1.15% decrease, concluding the day at 19,901.40. Later in the day, the US Federal Reserve chose to maintain the current interest rates but hinted at fewer rate reductions in 2024 compared to earlier expectations.

Today’s focal point is likely to be on three of the most valuable stocks: Reliance Industries (RIL), HDFC Bank, and Tata Consultancy Services (TCS). Here, Laxmikant Shukla, Technical Research Analyst at YES Securities, provides insights into these stocks ahead of Thursday’s trading session:

HDFC Bank | Exercise Caution | Resistance: Rs 1,630 | Support: Rs 1,530

HDFC Bank has experienced a sharp decline, falling by over six percent from its recent peak of Rs 1,670, primarily due to negative news developments. This significant selloff has driven the stock below both its 20- and 50-week moving averages, with the daily momentum indicator RSI also indicating a bearish sentiment. Looking forward, if the support level of Rs 1,530 holds, we may anticipate an oversold rebound towards levels ranging from Rs 1,630 to Rs 1,670. Conversely, a failure to maintain the aforementioned support level could further weaken the stock, potentially leading to a decline towards Rs 1,410.

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Reliance Industries | Range-bound | Resistance: Rs 2,500 | Support: Rs 2,320

Reliance Industries is presently in a corrective phase. From a technical perspective, the stock is lacking upward momentum and has broken down below the Rs 2,400 level. Negative crossovers in both the RSI and stochastic indicators on the daily chart suggest bearish sentiments. In terms of support, the stock finds backing from the 200-day moving average at Rs 2,320, while resistance levels are observed at Rs 2,500, followed by Rs 2,585.

"🚀 Stock Market Shakeup: Shocking Predictions for HDFC Bank, Reliance, and TCS! You Won't Believe What's Coming Next! 2023"
“🚀 Stock Market Shakeup: Shocking Predictions for HDFC Bank, Reliance, and TCS! You Won’t Believe What’s Coming Next! 2023”

Tata Consultancy Services | Buy | Target Price: Rs 4,060 | Stop Loss: Rs 3,370

Tata Consultancy Services is currently trading at a 52-week high, signifying robust upward momentum. A recent breakout from a descending trend line pattern, coupled with the formation of a Bullish Belt Hold candlestick pattern and a bullish crossover of the 20- and 50-day moving averages on the daily chart, confirm the continuation of the upward trend. The expansion of Bollinger bands on the daily timeframe indicates increasing volatility in support of an upward trajectory. Looking ahead, one can anticipate prices to ascend, potentially reaching the level of Rs 4,060. It is advisable to place a stop-loss at Rs 3,370 on a closing basis.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be considered as investment advice. Readers are encouraged to seek guidance from a qualified financial advisor before making any investment decisions.

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