ICICIBANK : Make or Break

ICICIBANK recently has been in midst of some serious price volatility . Recent pice action on the 75min time frame resembles that of an inverted “V” as the stock now deals with immediate supports at (340-345). The erstwhile breakout above 380 has proven to be a failure as the stock reverses quickly to shift back into a short term down trend. The current zone of supports close to 340 is crucial for the stock and a break below this will very likely infuse fresh selling pressure. The stock is attempting a short term bounce back which is likely to face resistance at (365-375) zone. Strategically one should not be too bullish on the stock at this juncture. The two main reasons behind my inhibition are - firstly, the recent behavior of failing the breakout, and secondly the fact that the stock is again back to crucial supports a break below which can lead to serious weakness. Trade Well.