Pk83084
Long

ICICI Bank: Bullish TP 413

NSE:ICICIBANK   ICICI BANK
1. ICICI Bank's result beat the street expectations and posted positive results.
2. Next immediate resistance is placed at 413, so we can safely expect this target.
3. Tomorrow will be gap up opening day for ICICI Bank.

Comments

ICICI bank sold its partial holdings in 2 group companies to generate extraordinary revenues in June 2020. Otherwise,it would have showed Q1 loss. Please verify for your conclusions. Gap up if not sustained will result in buyers trapped. Review Axis recent charts for similar pattern.
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Pk83084 Joyabrata
Cr@Joyabrata, Whatever you said is true. But need to get facts on the table as ICICI sold 2250 Cr & 840 Cr stakes in the Lombard and ICICI PruLi respectively. Its 3090 Cr collectively. But bank made Covid Provisions 5550Cr in June quarter. With this Covid provision stands at 8275 Cr which is way more than other bank. Asset quality also improved.
But today it turn out to be bearish because Overall nifty bank was at the cusp of bearish downtrend after consecutive 3 days gap up opening in the previous week. Gap filled today. Overall this stock is good for swing trade. Max to max it will come down till 340. Potential to cross 400 within 2 week.
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