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Reliance Industries, HDFC Bank and ICICI Bank showed mixed trends in Friday’s trade, with market expert Anil Singhvi highlighting key technical levels to watch.

Reliance Industries was trading at Rs 1,387.50, down Rs 4.40 or 0.32 per cent. Singhvi said Reliance remained the weakest link among frontline stocks. He noted that the stock had made a lifetime high of Rs 1,611 on January 5 and has since fallen about 14 per cent, a decline of nearly 220 points.

HDFC Bank was trading slightly higher at Rs 937.15, up Rs 1.50 or 0.16 per cent. Singhvi said the stock was rising for the third consecutive session but continued to form a lower high and lower low pattern. He pointed out that the intraday high on Thursday was Rs 941, while Friday’s high was lower at Rs 939.

He said HDFC Bank had broken a major support level of Rs 940 on January 14, which has now turned into a resistance zone. Singhvi said the stock had entered an oversold zone on January 14, with the RSI at 22.59.

“Over the past two years, HDFC Bank has turned oversold in January with RSI below 25, and each time it has seen a strong rebound from those levels,” Singhvi said.

He added that historically, HDFC Bank tends to form a bottom during January and February, while tops are usually made between October and December. Singhvi said the stock delivered returns of 38 per cent from bottom to top in 2024 and 26 per cent in 2025.

According to him, HDFC Bank made a low of Rs 905 on January 27, 2026. “From the oversold levels, the stock has already seen a recovery of about 3.5 per cent in just two days,” Singhvi said.

He said a close above Rs 945 would provide a fresh bullish signal for the stock.

ICICI Bank was trading at Rs 1,369.90, down Rs 14.20 or 1.03 per cent. Singhvi said the stock had shown strength in recent sessions and had formed a higher high and higher low pattern earlier.

He noted that ICICI Bank recently touched a one-week high and had moved above its 50-day moving average of Rs 1,375 and 100-day moving average of Rs 1,378, closing around Rs 1,384 earlier.

Singhvi said traders should closely watch these levels, as they would play a key role in determining the near-term direction of banking stocks.