Trading strategies for HDFC Bank, Infosys and ICICI Pru post Q4 results

ICICI Prudential Life Insurance seems to be headed towards the 200-DMA, while Infosys and HDFC Bank need to be monitored closely over the next few trading sessions.

The key benchmark indices opened with a huge gap down on Monday after a four-day holiday break dragged by index heavyweights Infosys and HDFC Bank.

Over the break, Infosys, HDFC Bank and ICICI Prudential Life Insurance Company announced Q4 results, while the former two dis-appointed on the operational margin front, the latter saw the net profit nearly triple in the quarter ended March 2022.

Meanwhile, here's a quick technical analysis of the stocks  post the Q4 numbers. 
 

Infosys Ltd (INFY)
Outlook: Cautious view

In the last session, the shares of Infosys held the support of 200-day moving average (DMA) near Rs 1,729. Now, “the Gap down opening with its inability to recuperate” further shows a negative bias. Similarly, at this moment the stock trades under 50-weekly moving average (WMA) placed at Rs 1,682. The outlook seems to display cautious view and needs to be monitored over the next few trading sessions. CLICK HERE FOR THE CHART

HDFC Bank Limited (HDFCBANK)
Outlook: Subdued

On a broader perspective, the HDFC Bank stock seems to have failed in attracting follow-up buying. The stock did manage to gain momentum on the announcement of HDFC merger, but could not hold the positive strength. The next support for the stock comes at Rs 1,350. The major breakdown mark falls at Rs 1,247, its 200-WMA. On the higher side, the stock needs to sustain above Rs 1,600 to regain the breakout sentiment, shows the daily chart. CLICK HERE FOR THE CHART
 
ICICI Prudential Life Insurance Company Ltd (ICICIPRULI) 
Likely target: Rs 595
Upside potential: 7%

The stock has broken out of 100-DMA resistance, as per the daily chart. This can result into a strong rally that could fetch a run towards Rs 595, which is its 200-DMA mark.  The chart structure looks robust with the Moving Average Convergence Divergence (MACD) rising above the zero line. The support for the stock exists at Rs 535 level.  CLICK HERE FOR THE CHART