Q1 impact: Mindtree eyeing 23% upside; HDFC Bank faces hurdle, charts show

Shares of Mindtree seem fairly placed and can rally up to 23 per cent, while ACC, HDFC Bank and ICICI Prudential Life need to conquer key levels for a fresh rally to emerge.

Shares of frontline companies were on investors radar post annoucement of Q1 results in the recent past. IT major, TCS surged 3 per cent, while MindTree gained 2.50 per cent on Monday. Similarly, ACC and ICICI Prudential Life Insurance Company also traded with notable gains. However, HDFC Bank dropped 1.50 per cent. 

Here’s a technical outlook of select stocks post Q1 results: -

HDFC Bank Ltd (HDFCBANK)

Outlook: Breakout above 100-WMA

While HDFC Bank is succeeding to hold the breakout range of Rs 1,270 to Rs 1,260, witnessed in late November last year, the next up move requires to conquer the 100-weekly moving average (WMA) located at Rs 1,420-mark. The current trend appears to be sideways, as seen on the weekly chart.  The breakout above 100-WMA could see bulls rallying to Rs 1,550 level.  CLICK HERE FOR THE CHART

Tata Consultancy Services Ltd (TCS)

Outlook: May drift to 200-DMA
 

Shares of IT major were seen trading with a negative bias since March 2022. The stock has a bearish formation of “Double Top” in weekly and has violated 50-WMA and 100-WMA. The nervous sentiment is hinting a downside to Rs 2,586, which is its 200-WMA. The 50-DMA and 100-DMA have become obstacles now, set at Rs 3,547 and Rs 3,228 respectively.  CLICK HERE FOR THE CHART

Mindtree Ltd (MINDTREE)

Likely target: Rs 3,600

Upside potential:  23%

MindTree is firmly holding the support of 100-WMA, positioned at Rs 2,821. Until this crucial average is not dismantled with aggressive volumes, the bullishness bias could see upside of Rs 3,600 level, shows the weekly chart. The Relative Strength Index (RSI) managed to move above the oversold territory with robust strength, this can drive the upside bias with aggression, according to the weekly chart.  CLICK HERE FOR THE CHART

ACC Ltd (ACC)

Outlook: Breakout over 200-DMA

Shares of ACC require conquering the 200-day moving average (DMA) hurdle placed at Rs 2,179 with decisive volumes. When this happens, the breakout could offer jump towards Rs 2,300-mark, its next resistance, shows the daily chart. The support comes to Rs 2,100 levels. The Moving Average Convergence Divergence (MACD) has crossed the zero line upward, suggesting a positive momentum ahead.  CLICK HERE FOR THE CHART

ICICI Prudential Life Insurance Company Ltd (ICICIPRULI)

Outlook:  200-DMA hurdle
 

While the shares of ICICI Prudential Life Insurance Company display stability over Rs 480 mark, the counter needs to conquer 200-DMA set at Rs 547 to embark a new trend. The stock may see sideways movement before embarking on a major move. CLICK HERE FOR THE CHART