Anil Singhvi’s Stock Market Radar: Why HDFC Bank looks ready for a comeback while RIL, ICICI Bank stay under pressure

Zee Business Managing Editor and market expert Anil Singhvi on Friday said the Indian equity market has shown underlying strength, but select frontline stocks are still facing sustained weakness.

Sharing his outlook on key stocks such as Reliance Industries, ICICI Bank and HDFC Bank, Singhvi highlighted sharp corrections in some names while pointing to a potential investment opportunity in HDFC Bank based on historical trends and technical indicators.

Shares of HDFC Bank closed at Rs 916.25 on Friday, down 3.15 or 0.34 per cent. Reliance Industries ended the session at Rs 1,385.95, slipping 15.85 or 1.13 per cent. ICICI Bank settled at Rs 1,343.35, lower by 2.30 or 0.17 per cent.

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Reliance Industries Share Price

Speaking on Reliance Industries, Singhvi said the stock continues to remain under pressure despite its heavyweight in the Nifty. He said Reliance has failed to show any meaningful strength in recent sessions and is among the weaker stocks in the index. “A lot is going on in Reliance Industries, but at the moment the weakness is dominating,” Singhvi said.

He noted that the stock has managed to halt the formation of lower highs and lower lows over the last three days, but continues to close in the negative. Reliance ended the previous session down by Rs 2 at Rs 1,402, on Thursday. Singhvi pointed out that since July 8, 2024, the stock has been unable to close above the Rs 1,610 level. He added that Reliance had made a high of Rs 1,611 on January 5, but fell sharply thereafter.

“From January 5 to January 21, Reliance fell by Rs 238 in just about 15 days,” Singhvi said, adding that the stock has declined nearly 15 per cent in 12 trading sessions. He said this highlights the extent of weakness currently visible in the stock.

ICICI Bank Share Price

Turning to ICICI Bank, Singhvi said the stock is showing even more weakness than Reliance Industries at present. He said ICICI Bank closed lower for the sixth consecutive session at Rs 1,345 and has been forming lower highs and lower lows. During intraday trade, the stock touched a two-week low of Rs 1,338.

Singhvi said ICICI Bank had made a high of Rs 1,444 on January 14, 2026, which was also a two-month high. He noted that the stock had become overbought earlier this month, with the Relative Strength Index (RSI) reaching 72 levels around January 8. “At that time, we advised investors not to buy but to sell, despite the apparent strength,” he said.

He added that in 2025, ICICI Bank’s RSI had reached overbought levels twice, following which the stock corrected by 5 to 8 per cent within two to three weeks on both occasions. This month as well, the stock failed to sustain above the Rs 1,444 level on three occasions and corrected thereafter. From the overbought zone, the stock has fallen about 7.5 per cent till January 22, with the RSI now near 40.

Singhvi said that while a close above Rs 1,545 is required for a clear reversal, a significant part of the correction has already taken place. “At this stage, investors should be cautious and avoid fresh selling. It is better to wait,” he said.

HDFC Bank Share Price

On HDFC Bank, Singhvi struck a more positive note and described the current phase as a potential investment opportunity. He said the bank’s RSI fell to 22.5 on January 14, 2026, marking a two-year low. “In the last five years, this has happened only twice, when the RSI fell below 25,” he said.

Singhvi pointed out that in 2024, when the RSI touched similar levels, the stock fell another 4.5 per cent over three weeks but rallied 15 per cent over the next three months. In 2025, a similar oversold condition was followed by a 21 per cent rise in three months. “This time again, HDFC Bank is in an oversold zone,” he said.

He also highlighted a time-based pattern, noting that over the last two years, HDFC Bank has tended to form a bottom during January–February and a top during October–December. In 2024, the stock rose 38 per cent from its bottom to its yearly high, while in 2025 it gained about 26 per cent from the lows.

Referring to the recent low of around Rs 913–Rs 920, Singhvi said even a modest return of 10–12 per cent from current levels would be attractive for long-term investors. “If you get 10–12 per cent in HDFC Bank, which is more than fixed deposit returns, that itself is good,” he said.

Singhvi advised investors to consider systematic investment through SIPs in HDFC Bank over the next four weeks, especially if prices decline by up to 5 per cent from current levels. “From a level and timing perspective, this appears to be a reasonable opportunity,” he said.