How to trade RIL, ICICI Bank, Infosys, UltraTech Cement post Q1 results?

ICICI Bank can rally to a new high if the stock manages to sustain above its 200-DMA; Infosys and UltraTech Cement too look promising, while Rs 2,350-level remains the key for Reliance Industries.

Shares of index heavyweights Reliance Industries, ICICI Bank and Infosys along with largecap UltraTech Cement were in focus in trades on Monday after the companies reported earnings over the trading break in the recently concluded weekend.

One of the significant mover among the four, was Reliance Industries. The stock today dipped 4 per cent to Rs 2,404 after the company reported lower-than-expected consolidated net profit at Rs 17,955 crore for the quarter ended June 30, 2022 (Q1FY23), up 46.3 per cent over the year-ago period. A poll of analysts by Bloomberg had estimated net profit at Rs 21,615 crore. READ MORE

Meanwhile IT major Infosys was down 0.8 per cent at Rs 1,495 as of 11:15 AM, after the firm beat Street estimates on revenue growth but disappointed on margin performance because of higher talent costs. The company's net profit for Q1FY23 was below expectations at Rs 5,360 crore, up 3.2 per cent year-on-year (YoY) but was down 5.7 per cent sequentially. READ MORE

Shares of private banking major ICICI Bank pared gains and was trading flat after the lended reported a 49.5 per cent YoY rise in net profit for the April-June quarter at Rs 6,904.94 crore as a healthy increase in loan growth boosted the private bank’s bottomline.

Cement major - UltraTech Cement had reported a 7.5 per cent YoY decline in net profit at Rs 1,582 crore for the quarter ended June 2022 (Q1FY23). However, the bottomline beat analyst expectations of Rs 1,214 crore. The revenue grew by 22 per cent to Rs Rs 15,164 crore. The stock traded with a loss of 1.5 per cent at Rs 6,360.

Going ahead, Here’s an outlook on these selective stocks post Q1 results:- 
 

ICICI Bank Ltd (ICICIBANK)

Likely target: Rs 900

Upside potential: 11%

After registering a historic peak of Rs 867 in November 2021, shares of ICICI Bank breached the 200-day moving average (DMA) and were seen since making continuous efforts to climb over it. The stock failed twice post rising over 200-DMA and the current trend is flashing a third attempt. The 200-DMA stands at Rs 745-mark. Thus, if the stock manages to hold ground above this average, the momentum could take the stock towards a new historic peak and may even cross Rs 900-mark. CLICK HERE FOR THE CHART

Reliance Industries Ltd (RELIANCE)

Outlook: Needs to hold Rs 2,350
 

After forming a sideways to consolidation trend in the range of Rs 2,450 to Rs 2,350 levels, the stock made an attempt to cross the critical moving average of 200-DMA positioned at Rs 2,500-mark, which it did, but failed to sustain above it. And now the stock has retraced back to the consolidation range. The support stays at Rs 2,350 and as long as this mark is protected, the pullback could again take the stock within striking distance of its 200-DMA hurdle. CLICK HERE FOR THE CHART

Infosys Ltd (INFY)

Outlook: Breakout over Rs 1,550

Currently, shares of Infosys are trading sideways with an inclination to breakout on the upside, shows the daily chart. The breakout mark is at Rs 1,550. As and when the stock manages to overturn this hurdle, the short-term rally could see Rs 1,650 level, which is its 200-DMA. So far, the trend look promising as the Moving Average Convergence Divergence (MACD) is trending over the zero-line. The support for the stock is seen at Rs 1,450, which needs to be adhered on a closing basis. CLICK HERE FOR THE CHART

UltraTech Cement Ltd (ULTRACEMCO)

Likely target: Rs 6,752

Upside potential: 10%
 

The stock has successfully conquered its 50-DMA and 100-DMA levels. The trend shows a rally towards Rs 6,752-mark, which is its 200-DMA hurdle. Thus, until the support of Rs 6,092 is held decisively, the positive bias could see added interest from market participants. CLICK HERE FOR THE CHART