nano6yogesh
Short

ICICIBank – End of Countertrend?

NSE:ICICIBANK   ICICI BANK
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.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out