ICICI Bank today moved above its 200 DMA(around 247). At the same time it broke out from a triangular pattern technical targets of that comes around 300.
On monthly charts the stock is at lower end of Bollinger band with RSI giving positive cross-over. Even if the stock moves to middle of Bollinger band it can move upto 287.
However the stock is at upper end of Bollinger band on daily charts so small consolidation or correction is on the cards. Stock can be bought on any correction.
Also 261.98 is the 38.2% retracement of total fall from 393 to 180, so a minor pause can be expected around 255-262.
Disclosure: I am not a SEBI certified analyst so please consult your financial adviser before acting on this call. Further i do have stock in my portfolio so i do have interest in the stock.
On monthly charts the stock is at lower end of Bollinger band with RSI giving positive cross-over. Even if the stock moves to middle of Bollinger band it can move upto 287.
However the stock is at upper end of Bollinger band on daily charts so small consolidation or correction is on the cards. Stock can be bought on any correction.
Also 261.98 is the 38.2% retracement of total fall from 393 to 180, so a minor pause can be expected around 255-262.
Disclosure: I am not a SEBI certified analyst so please consult your financial adviser before acting on this call. Further i do have stock in my portfolio so i do have interest in the stock.
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