ICICI Bank, Infosys, ITC: Key support and resistance levels for these largecap stocks

Domestic stock indices settled higher on Tuesday amid a volatile trading session. The BSE Sensex jumped 229.84 points, or 0.32 per cent, to close at 71,336.80. NSE Nifty rose 91.95 points, or 0.43 per cent, to end the day at 21,441.35.

A few largecap stocks namely ITC Ltd, ICICI Bank Ltd and Infosys Ltd are likely to remain under the spotlight today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:

Infosys | Resistance: Rs 1,520-1,600 | Support: Rs 1,400
Infosys has one of the strongest charts in the IT sector. It is continuously making higher high-low formations. The stock has witnessed a breakout of an Inverse Head and Shoulders formation on the daily chart. It retested its previous breakout levels at around Rs 1,520 level. The structure of the counter is very lucrative, as it is trading above all its important moving averages. The momentum indicator RSI is also positively poised, whereas its MACD is supporting the current strength. Looking ahead, the resistance level at Rs 1,520 appears to be a pivotal point to monitor. A breach above this level could set the stage for a near-term target of Rs 1,600 or even higher. To manage risk effectively, consider implementing a stop-loss strategy at Rs 1,400 to safeguard your investment.

ITC | Resistance: Rs 470-500 | Support: Rs 435
ITC is coming out of long consolidation and is in the process of forming the right shoulder of an Inverse Head and Shoulder pattern on the long-term timeframe. The overall structure is remunerative, as the stock trades above its all-important moving averages. Its MACD is supporting the current strength, whereas the momentum indicator RSI is also positively poised. On the upside, the Rs 470 level is the neckline and an immediate hurdle; above this, one can expect a move towards Rs 500. On the downside, the Rs 435 level is a strong demand zone at any pullback.

ICICI Bank | Resistance: Rs 1,050-1,200 | Support: Rs 950
ICICI Bank has been making higher high- low formations. Recently, the tock saw some profit booking at higher levels, before taking support at 20-SMA. The Rs 1,000 will be a crucial level, as there is a strong call for writing above Rs 1,000. ICICI Bank is trading above all its important moving averages (20, 50, 10, 200-SMA). On the higher side, one can expect levels of Rs 1,045–1,050 initially and Rs 1,200 in the short term; on the downside, the Rs 950 level will be a crucial support.

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