RIL, HDFC Bank, ITC, HUL: Here's how to trade index heavyweight stocks

With the benchmark indices trading in a narrow range on Monday, here are key levels for index heavyweights that can help you plan your trading strategy.

Reliance Industries Ltd (RELIANCE): The counter that has scaled a new all-time high has seen a strong build-up of longs with above average volumes during recent sessions. The price is showing strength despite the RSI being in an overbought condition around 80. From a medium-term perspective, Rs 1,900 levels remain a key support for the stock. CLICK HERE FOR THE CHART

ICICI Bank Ltd (ICICIBANK): The resistance of Rs 400 has become a big hurdle from the last three months for ICICI Bank. It did climb above Rs 390, but failed to conquer the Rs 400 mark. Going forward, Rs 350 remains a crucial support. The overall outlook remains bullish till Rs 340 is held decisively on a closing basis. A breakout above Rs 400 may take this counter closer Rs 425 to Rs 433 levels, daily chart indicates. CLICK HERE FOR THE CHART

HDFC Bank Ltd (HDFCBANK): The counter is finding it difficult to hold momentum above its 200-DMA as per the daily chart. That’s said, the positive momentum is still intact with a strong support from 50-DMA and 100-DMA, which made a positive crossover. Till HDFC Bank holds Rs 1,050 on a closing basis, the upside bias should prevail. CLICK HERE FOR THE CHART

ITC Ltd (ITC): This counter is resisting its 200-DMA located around Rs Rs 202 levels, as per the daily chart. The support remains at Rs 190 levels. If the stock manages to breakout above Rs 202, the momentum can take it to Rs 209 and then Rs 216 levels. A Hanging Man candlestick pattern displays weakness for a few sessions; however, till Rs 190 is held, the downside is capped. CLICK HERE FOR THE CHART

Hindustan Unilever Ltd (HINDUNILVR): The RSI indicated an overbought condition and this resulted in profit booking, as per the daily chart. Now, the counter is testing the support of 100-DMA placed at Rs 2,140 levels. The overall outlook will remain positive till Rs 2,100 is held, which is HUL's 200-DMA. CLICK HERE FOR THE CHART