Intraday Supports and Resistances for Prominent Stocks: Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI
Today, we delve into the intraday supports and resistances of some of the most widely traded stocks in the market. These stocks, namely Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI, hold significant sway over the financial landscape. Understanding their intraday levels can provide valuable insights to traders and investors alike.
Reliance Industries, a behemoth in the Indian corporate realm, has been a force to reckon with. In terms of support, the stock is expected to find a strong floor at levels around ₹2,500, indicating a potential rebound from this price point. On the flip side, if the stock experiences upward momentum, it may encounter resistance around ₹2,700, where profit-taking or selling pressure could emerge.
ITC, a leading player in the consumer goods sector, exhibits intraday support near ₹230, offering a potential cushion for the stock. Conversely, if ITC sees gains, it might face resistance around ₹250, potentially prompting some investors to take profits.
ONGC, a prominent figure in the oil and gas industry, portrays intraday support at approximately ₹120. This level may serve as a foundation for the stock during volatile trading sessions. On the other hand, ONGC’s upward movement could be stifled around ₹130, as sellers may seize the opportunity to offload their holdings.
Infosys, a global IT services provider, displays intraday support near ₹1,800, which could act as a barrier against further downside. Should the stock rally, resistance might materialize around ₹1,900, signaling a potential hurdle that could impede further upward momentum.
HDFC Bank, one of India’s largest private sector banks, showcases intraday support at around ₹1,600. This level could potentially attract buyers and offer stability during market fluctuations. Conversely, if the stock surges, it may encounter resistance near ₹1,700, as profit-booking activities could come into play.
TCS, a renowned IT services and consulting company, presents intraday support at approximately ₹3,900, which could serve as a safeguard against abrupt declines. In contrast, the stock could meet resistance around ₹4,200, where selling pressure might mount, potentially hindering further upside movement.
SBI, a leading public sector bank in India, exhibits intraday support near ₹450, indicating a potential floor for the stock. However, if SBI embarks on an upward trajectory, it could face resistance around ₹500, inviting profit-taking actions from traders.
By familiarizing oneself with these intraday support and resistance levels for widely traded stocks like Reliance Industries, ITC, ONGC, Infosys, HDFC Bank, TCS, and SBI, market participants can gain a deeper understanding of potential price movements and make informed trading decisions. These levels act as valuable reference points, helping investors navigate through the intricacies of the market landscape.
