Market 360: Hitting the bulls eye: ICICI BANK LTD

Saturday, 17 May 2025

A TECHNICAL VIEW ON ICICI BANK LTD-19.5.2025

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

suranank@gmail.com

Mobile—8240951127/9831313654.

Saturday, 10 October 2020

A TECHNICAL VIEW ON ICICI BANK LTD-12.10.2020

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.