HDFC Bank, ICICI Bank, RIL or REC in your portfolio? Anil Singhvi points to crucial levels ahead

Market expert and Zee Business Managing Editor, Anil Singhvi, on Wednesday shared his technical assessment of key frontline stocks, including Reliance Industries, HDFC Bank, ICICI Bank and REC, highlighting rising volatility and crucial support and resistance levels.

Reliance Industries Share Price Today

Reliance Industries saw a sharp break after two days of gains, Singhvi said. The stock touched a two-month low of Rs 1,444 in intraday trade and slipped well below its 20-day moving average of around Rs 1,466. On a closing basis, the stock ended about Rs 12–13 lower at around Rs 1,453, closing below a major support level.

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Singhvi noted that Reliance made a higher high and a higher low during the session, indicating increased volatility. He said the stock has repeatedly failed to close above Rs 1,610 since July 8, 2024. The recent lifetime high of Rs 1,611 made on January 5 was followed by a decline of around 9.5 per cent.

“Reliance alone has contributed significantly to the recent weakness in the broader market,” Singhvi said.

Reliance Industries Share Price Target

However, Goldman Sachs has maintained a ‘Buy’ rating on Reliance Industries and raised its target price to Rs 1,835 from Rs 1,795. The brokerage expects moderation in near-term retail earnings growth due to weak discretionary spending and base effects, but believes this could be partly offset by a strong performance in the energy segment.

The brokerage said refining fundamentals remain supported by tight product markets through CY27, with improving crude differentials. It also expects telecom EBITDA to grow at a compounded annual rate of 18 per cent between FY26 and FY30.

Motilal Oswal has also maintained a ‘Buy’ rating on Reliance Industries with a target price of Rs 1,790.

HDFC Bank Share Price Today

HDFC Bank showed signs of stabilisation after six days of weakness, Singhvi said. The stock found support near its nine-month low of Rs 929 and is trading close to a critical make-or-break zone around Rs 940.

He pointed out that HDFC Bank has formed lower highs and lower lows over the past five sessions, though the recent session saw a halt to that trend with a higher high and higher low. Singhvi said the Rs 940 level has acted as a strong support over the past nine months, with the stock recovering four times from this zone earlier.

However, he expressed caution as the stock has been closing marginally below Rs 940 for the past three sessions. “This time the situation looks more crucial,” Singhvi said, adding that the stock failed to give a strong close even after a brokerage upgrade with a target of Rs 1,200.

HSBC has maintained a ‘buy’ rating on HDFC Bank and raised its target price to Rs 1,110 from Rs 575. MOFSL also retained a ‘buy’ rating on HDFC Bank with a target price of Rs 1,175.

He said a stop-loss at Rs 930 remains intact and warned that the stock may soon decide its near-term direction.

ICICI Bank Share Price Today

ICICI Bank remained comparatively stronger, Singhvi said, after correcting earlier from overbought levels. The stock closed at Rs 1,437 after posting a strong session with a higher high and higher low.

He recalled that ICICI Bank had turned overbought on January 8 and subsequently corrected to Rs 1,391 by January 12. Singhvi said the RSI has now recovered to around 65, still below overbought territory.

Citing past instances from July and October 2025, Singhvi said corrections followed whenever the RSI approached 68. He said ICICI Bank is trading near crucial levels and needs close monitoring.

HSBC has maintained a ‘buy’ rating on ICICI Bank, while cutting its target price to Rs 1,660 from Rs 1,680. Motilal Oswal maintained a ‘buy’ rating on ICICI Bank with a target price of Rs 1,700.

REC Share Price Today

REC closed around Rs 367, trading near its 100-day exponential moving average of about Rs 368 for the third consecutive session. Singhvi noted that this is a key level, pointing out that the stock failed to sustain above it multiple times in 2025.

“Above Rs 390, strength may resume, while below Rs 368–365, weakness could increase,” Singhvi said. He said REC gave a breakout above the 100-EMA on January 2, 2026, and rallied to Rs 387–390, but has since declined around 5.5 per cent in five sessions.