RIL, Infy, Paytm, Vedanta: Trading strategies for stocks post their Q1 nos

ICICI Bank remains strong on charts post delivering Q1 results last week

Shares of ICICI Bank hits a new historic peak on Monday, while Reliance Industries and Vedanta opened in gap-down following disappointing Q1 results.  

Infosys shares, which released its Q1 results in the last week; also witnessed disappointing opening on Friday. The 200-day moving average (DMA), a significant indicator for investors was breached, and stock failed to display any robust reversal. 

Here is the technical outlook of stocks posting Q1 results in the previous week:-

ICICI Bank Ltd (ICICIBANK)

Likely target: Rs 1,150

Upside potential:  14%

Following  a breakout over the trend line at Rs 940, the price succeeded to move over the Rs 960 hurdle. This approach has further triggered a fresh upside in the stocks. The immediate support comes to Rs 980 and Rs 960, as per the daily chart. The stock is headed to Rs 1,150 level. CLICK HERE FOR THE CHART

Infosys Ltd (INFY)

Outlook: 50-DMA serves as a support.

Shares of Infosys have breached the 200-DMA placed at Rs 1,426-mark, but have managed to hold the 50-DMA set at Rs 1,310 on last Friday. Until a clear breakout does not occur under this support average, the trend could revive towards the 200-DMA area. 

The decisive support of Rs 1,250 holds a key to a real trend. Breach of the same could dent the medium-term bullish bias. For the time being, the stock needs to firmly hold the 50-DMA mark. CLICK HERE FOR THE CHART

Vedanta Ltd (VEDL)

Outlook: Needs to regain Rs 275-mark
 

Shares of Vedanta have breached the critical support of Rs 275, post opening gap-down on Monday. This move if fails to regain losing momentum for the rest of the day, the stock may get engulfed in a bearish sentiment. 

The next support for the stock exists at Rs 260-mark. Breaking of this support could trigger aggregated sell-off in the stock. On the higher end, the stock must overcome Rs 300 to enter the bullish territory. CLICK HERE FOR THE CHART

Reliance Industries Ltd (RELIANCE)

Likely target: Rs 3,000 (once Rs 2,650 is crossed)

Upside potential: 13%

The major breakout for the Reliance Industries shares appears over Rs 2,650-level. On the downside, support is found at Rs 2,500 and Rs 2,400 level. Until the stock holds ground over the support area, a quick rebound cannot be neglected.

Breakout over Rs 2,650 could see the stock heading towards Rs 3,000. The trend remains highly bullish unless supports are disseminated.  CLICK HERE FOR THE CHART

One 97 Communications Ltd (PAYTM)

Likely target: Rs 960 ( over Rs 880)

Upside potential: 9%

The support of Rs 800 has been constantly holding the upside bias and the stock could reach Rs 960 with the current momentum, as per the daily chart. Medium-term rally could even see stock hitting Rs 1,050-level. The breakout exists at Rs 880, which seems to be achievable, with the support of Rs 800. CLICK HERE FOR THE CHART