ICICI BANK LTD
Open—1453.30---High---1458.70---Low---1447—Close--1454 on 16.5.2025
Support:1438.30/1426.90/1415.50/1398/1388.40/1387/1373/1362/1350.45/1281.65/1265-------------
Resistance:1458.70/1471/1494/1538/1548/1648/1722/1933
(Bold and underlined figures are most important)
Technically it is on a very strong footing and hitting new high every other day and the recent all-time high is 1458.70(hit on 16.5.2025) it can continue the up-journey in coming times. But the range of 1463---1468 (the range will be scaled up for the next week) is the critical resistance range for the week starting from 19.5.2025---23.5.2025 and if it moves above this range and sustain on the closing basis then it could head higher.
In case of moving down it will find support at 1441.78---1438.80---1426.90---1413(figure may change), it may bounce back from any of these points but break & sustained close below 1441.78 will push it into very short correction mode, break & sustained close below 1438.80 could be warning sign, break & sustained close below 1426.90 may trigger fall, break & sustained close below 1413 will push it into deep correction mode for its recent rise and may witness an accelerate fall.
It is important to mention here that although the overall chart setup looks extremely good for the continuation of the up-move but the technical indicators on the daily, weekly & monthly chart speaks slightly otherwise. Therefore it is suggested to be extremely alert and cautious in the long trade at this point of time and avoid long trade if it moves below 1441.78 & 1438.80 and sustain on the closing basis and exit long trade if it moves below 1426.90 and sustain on the closing basis or exit below 1413 for sure.
Since the technical indicators are relatively weak, therefore an aggressive trader can attempt a short trade also, if it remains below 1458.70 with a short stop loss stop loss of 1464 but the authentic stop loss for the week would be 1472, but safe traders should try short trade only below 1438.80---1426.90 & 1413 with a stop loss of 1443—1430 & 1420 respectively or adjust the stop loss with previous days price range.
REMARKS:- It is in the strong long term uptrend and buy on decline stock till it holds it critical support points as mentioned above. But it is critically poised at this point of so, it may correct also. So be alert and watchful in your trades.
NOTE: - It is a technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore it has to be reviewed at regular intervals, furthermore investors are advised to look into fundamental, financial details of the company because that too keeps on changing 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. It is for the educational purpose.
Kindly note that make your cost your stop loss in favorable 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.