ICICI BANK LTD
Open-390.70--High-403.50--Low-386.90—Close-401.50
on 9.10.2020
Support:395.65/392.95/385.50/380/375.25/373.75/359.35.
Resistance:403.50/411/422/427.90/439.20/443.90/460.50/482/496/502/515-517/537.50/544.45—47—51—552.20(All time high)
(Bold and underlined figures are most important)
It had made an all time high of 552.20 on 30.12.2019 and then moved down steadily and made a low of 268.30 on 24.3.2020 after hitting the low it bounced back and steadily moved up in a zigzag manner and currently quoting at 401.50. It is very well placed on the technical chart, furthermore it has give breakout from its downtrend line drawn from the top of 549.35 connecting recent top of 422 on 9.10.2020 this indicates a big up move is ahead in coming days, provided it holds the breakout and it is likely to hold it as of now. The only concerning thing now is that it has had a straight rise of 65.80 points on the closing basis in 10 trading session, so it is vulnerable for a correction also before further rise. But it looks strong technically therefore it may not correct now and correct few days later. If it corrects now downside looks capped in the range of 394---385 so it should be bought into now and on the decline also in this range. Please note that if it has the strength it is not likely to break 382 levels, therefore traders and investor should not buy it below 382 with a stop loss of 380 or one can also buy if it moves and maintains above 404.35 with a stop loss of 398. The chart setup as of now indicates that the up move looks inevitable and will happen in coming days and the upside target or resistance points could be at 411---422----444---485---496. Please note that sustained break above 411 on the closing basis will enhance its strength and it will have an accelerated up move if it moves and sustain above 422 on the closing basis. It is very much likely to cross 411 & 422 in coming days. It is important to mention here that if it moves and sustain above 496 then it is likely to retest its all time high of 552.20 or may go beyond it also. The bias is hugely bullish but be alert and cautious in the long trade at this point of time because it could give short correction anytime.
It is strongly suggested to
trail your stop losses (with the help of support levels mentioned above) in the
profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL
CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.
NOTE: - It is the technical assessment of the stock as of now, the technical
interpretation changes with the price movement and time, therefore investors
are advised to look into fundamental, financial details of the company and last
but not the least management perception for the future of the company before
taking investment decision.
Disclaimer:-The view expressed here are solely of the author and he is not
at all responsible in any way for the outcome of the trade you enter based on
the above view.
Kindly note that make your cost your stop loss
in favourable trade and then trail it as the price move up/down
to gain maximum profit and avoid losses. Use support and resistance levels as
entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT
STOP LOSS.
Note: Price stated
here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.