ICICI trend analysis for November monthThe bank is in strong bull movement from last October and it didn't break the trend line yet. As the bank broke the February high with high volumes in September and moving 25% higher to market price.
From the chart the stock is having strong support at 680 and it could consolidate for next 4-6 weeks in the range from 700~840.
We can wait for buying the stock at support levels with stop loss of 620-640
Range - 700 ~ 840
Resistance - 830-850
Support - 715-750
I1BN34 trade ideas
Bullish cup & handle in ICICIBANKICICI Bank has broken cup and handle pattern and have retested and moved up from the level. there is high probability of it to test the price of 800) in coming 1-2 months. If BANKNIFTY will remain sideways or bullish then it it will surely touch 800.
These are my view on the etries
accumulation zone 667.5-670
distribution zone 750-800
Risky zone 650 or below
Price should move up equivalent to depth of the cup ~140 points from entry zone as per theory.
PS: do your own analysis before taking entry based on this anaysis
Breakout of Channel patternICICI has JUST POPPED out of the channel....and today 23rd Oct was the quarterly (Q2) earnings results of the bank....the bank has posted a 30% growth from same time last year - PAT grew to 5511 crores and more importantly outperformed Nifty Bank which grew 21% in the same period...another significant thing - Non Performing Assets ( NPA) is lowest since 2014...which is all good news but we have to wait and see how market reacts to this news...as we know when results are poor the stock shoots up and when results are good the stock does not find favour with the market makers...let us wait and see its opening on Monday. Targets are not marked but f it opens with a gap up then 792, 1016 are the long term targets.