ICICIBank – End of Countertrend?

Nifty and Banknifty have formed a shooting star pattern today after Karnataka Election Results which may indicate trend reversal.

I am looking for shorting opportunities in relatively weak private sector banks like ICICI NSE:ICICIBANK and Axis NSE:AXISBANK who came up with bad results but have gone up significantly.

Here I see a Bearish candle around 50% Fibonacci Retracement level (Countertrend) of the downtrend which began on Jan 29.

I think there is a high probability that the stock me test 293 levels again to fill the gap it left earlier on May 8.

Took short position in ICICI Bank with stop loss a few points above today’s high for first target of around 275.

Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.


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