LargeCap Stocks on Radar – SBI, ITC ,Reliance Inds, HDFC Limited, Larsen & Toubro and ICICI Bank

Taking a cue from the previous post here are some large cap stocks which are setting up around resistances with a lot of consolidation.

When a bunch of these start breaking out is when we can confirm a breakout and a strong trend.

SBI

• Multiple tops at 285-300.
• Quite a few failed attempts.

ITC

• Breakout into 2-3 year and all time highs but follow up missing yet.
• Will it be a false start or a new bull trend.
• Got to watch this one out as it's a Top 5 of Nifty.

Reliance Inds

• What a laggard for last 8-10 years now.
• Will it be able to cross 1100-1150 in coming year ?

HDFC Limited

• Lots of attempts at 1400-1450 in last couple of years.
• Will it be able to show a strong trend some time in the future ?

Larsen and Toubro

• There was a time when L&T was one big mover for the Nifty but now has become a sleepy stock in terms of volatility also apart from price performance.
• 1500/1600 a stiff resistance.
• Will it breakout on the upside or on the downside below 1400 ?

ICICI Bank

• Many tops/bottoms at that 290-300 mark in the last few years.
• Range has compressed with a nice bunch of higher bottoms.
• Time to watch for a direction change in coming months beyond the range of 260-300.

Nooresh Merani

Securities covered above:: SBI, ITC ,Reliance Inds, HDFC Limited, Larsen & Toubro and ICICI Bank

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