HDFC Bank, ICICI Bank, RIL, REC in your portfolio? Anil Singhvi explains what to do

Select heavyweight stocks, including Reliance Industries, HDFC Bank, ICICI Bank and REC, remained in focus amid sharp price movements, weak technical indicators and high trading activity in recent sessions.

Market expert Zee Business Managing Editor, Anil Singhvi, shared his views on these heavyweights.

Reliance Industries Share Price Target

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On Reliance Industries, Singhvi said the stock has emerged as one of the weakest constituents in the market. “Reliance can be called the weakest stock in the market at the moment,” he said. The stock closed with a sharp decline for the second consecutive session and fell around 3 per cent in the previous trading day.

Singhvi said Reliance has already declined nearly 11 per cent ahead of its results, yet further weakness was seen. “Despite falling sharply earlier, we gave a strong short call before the results as the numbers were extremely poor,” he said. He added that the stock may have already reflected expectations of weak results before the announcement.

Reliance touched an intraday low of Rs 1,403, marking a fresh two-month low. Singhvi noted that the stock has now closed below its 100-day moving average for four consecutive sessions. “Reliance closed near Rs 1,413, which is a big negative closing,” he said.

He further said that since July 8, 2024, Reliance has repeatedly failed to close above the Rs 1,610 level. “The stock reached near this level several times but could not sustain,” Singhvi said. The most recent attempt was on January 5, 2026, when Reliance touched a high of Rs 1,611. “From January 5 to January 20, the stock has fallen around Rs 208, which is nearly a 13 per cent decline in just 15 days,” he said.

HDFC Bank Share Price Target

On HDFC Bank, Singhvi said the stock is weak in the short term but shows signs of oversold conditions from an investment perspective. “HDFC Bank has closed lower in seven out of the last nine sessions,” he said. The stock closed near Rs 928 with a marginal decline.

Singhvi said the bank has made intraday lows near Rs 919 to Rs 920 for two consecutive sessions, marking its lowest levels in nine months. “HDFC Bank has closed below the Rs 940 support level for six straight days, which indicates a decisive breakdown,” he said. According to him, the stock needs to close above Rs 945 to show signs of stability. “As long as it remains below 945, the risk of further downside remains,” he said.

He highlighted that on January 14, 2026, HDFC Bank’s Relative Strength Index fell to 22.46, the lowest level in two years. “After Covid, this has happened only twice earlier,” Singhvi said. He pointed out that in January 2024 and January 2025, similar RSI levels were followed by strong recoveries over the following months.

ICICI Bank Share Price Target

On ICICI Bank, Singhvi said the stock remains under pressure after failing to sustain at higher levels. “ICICI Bank has closed weak for three consecutive sessions and has formed lower highs and lower lows,” he said. The stock touched a two-month high of Rs 1,444 on January 14, 2026, but declined sharply thereafter.

“The Rs 1,445 level is a major make-or-break level for ICICI Bank,” Singhvi said. He added that the stock has tested this level three times this month but failed to close above it. Singhvi said ICICI Bank had earlier seen sharp corrections after RSI reached overbought levels, and the RSI has now cooled to around 47.

REC Share Price Target

On REC, Singhvi said the stock is holding above its 100-day exponential moving average near Rs 368. “REC closed near Rs 370 and has managed to stay above the 100 EMA,” he said. He added that in 2025, the stock made multiple attempts to cross this level but failed to sustain above it.

Singhvi said the Rs 387–390 zone remains a major resistance for REC. “The stock has reached this zone several times in the past five months and every time a correction of 5 to 15 per cent followed,” he said. REC had touched a high of Rs 387 on January 6, 2026, and has declined around 4–5 per cent since then.

Market participants are closely tracking these stocks as they trade near key technical levels amid heightened volatility, Singhvi said.