Are you holding HDFC Bank, ICICI Bank or RIL shares? Anil Singhvi flags key price levels and risks

Shares of major index heavyweights HDFC Bank, ICICI Bank and Reliance Industries showed divergent trends in recent sessions.

Market expert and Zee Business Managing Editor, Anil Singhvi, shared his views on HDFC Bank, ICICI Bank and Reliance Industries, highlighting key technical levels and recent price action in these index heavyweights.

HDFC Bank Share Price Movement and Target

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On HDFC Bank Ltd, Singhvi said the stock has been under pressure for the fifth consecutive trading session and is currently trading near three-month low levels. HDFC Bank shares were trading at Rs 941.55, down Rs 5.05 or 0.53 per cent.

“HDFC Bank has weakened for the fourth straight day and has formed a lower high, lower low pattern for the third consecutive session,” Singhvi said. He added that the stock has slipped below its key trading range of 970 to 1,020, where it had consolidated for nearly 63 sessions.

“HDFC Bank has closed below this large range for the third consecutive day near 947,” he said.

Singhvi pointed out that the stock has found support near the Rs 940 level. “The next big support is at 940. The day’s low was 941,” he said.

Highlighting historical price behaviour, Singhvi said, “In the last nine months since April 25, 2025, HDFC Bank has approached the 940 level four times, but every time it managed to close above this level.”

“On all four occasions, the stock saw a recovery of around 3.3 per cent to 5.8 per cent in the next two to four weeks,” he added.

ICICI Bank Share Price Movement and Target

Commenting on ICICI Bank Ltd, Singhvi said the stock has shown strong momentum in recent sessions. ICICI Bank shares were trading at Rs 1,405.50, down Rs 29.85 or 2.08 per cent.

“ICICI Bank has formed a higher high, higher low pattern for five consecutive sessions and recently closed near a two-month high of 1,435,” he said.

Singhvi noted that the stock was among the weakest large-cap banking stocks until a few sessions ago. “Three days back, ICICI Bank was the weakest among large banks. Now it has turned out to be the strongest,” he said.

However, Singhvi flagged caution at higher levels. “The alert here is that ICICI Bank’s RSI has reached an overbought level of 72,” he said.

Citing past instances, Singhvi said, “In 2025, ICICI Bank’s RSI reached 68 twice, and both times the stock corrected sharply.”

“On July 20, 2025, when the RSI was at 68, ICICI Bank closed at 1,488 and then fell about 5 per cent over the next three weeks,” he said. “On October 17, 2025, RSI again touched 68 at a close of 1,436, and the stock declined 8.1 per cent over the next two weeks.”

“Therefore, at higher levels, investors should be cautious, consider profit booking and keep a strict stop-loss,” Singhvi added.

Reliance Industries Share Price Movement and Target

On Reliance Industries Ltd, Singhvi said the stock has shown weakness after failing to sustain its recent breakout. Reliance shares were trading at Rs 1,471.25, up Rs 0.95 or 0.06 per cent.

“Reliance has weakened for the fourth straight day and has formed a lower high, lower low pattern,” he said.

Singhvi said the stock has closed below its 50-day moving average of 1,534 for the third consecutive session. “This is the first time since October 15, 2024, that Reliance has remained below the 50 DMA for three days in a row,” he said.

Tracing the stock’s long-term movement, Singhvi said, “Reliance started a bull run from the low of 1,110 in October 2023 and rose 45 per cent to make an intraday life high of 1,608 in July 2024.”

“After failing to sustain above the 1,600–1,608 zone, the stock fell nearly 30 per cent to 1,114 in April 2025,” he said.

Singhvi added that the stock later recovered 44 per cent to hit a new life high of 1,611 on January 5, 2026, but failed to sustain the breakout. “From the life high of 1,611, Reliance has fallen 8.9 per cent in four sessions, indicating a failed breakout,” he said.