ICICIBank looks good to buy above 352.25 for a target of 354.1/356.4/359.25 with stoploss 349 on closing basis. Closing below 336.15 it becomes a perpetual short for a target of 320/300 positionally.
Disclaimer: Objective of this post is to educate and help all members earn profit from trading. I am not a SEBI registered analyst and strongly recommend people not to trade in NSE/BSE/MCX market basis above recommendations. All the stock picks are momentum picks chosen using technical indicators and for education purpose only. I am not responsible for profit and losses or SEBI audits arising out of the above calls. Stock market trading and investment is subject to market risks. Contact your financial advisor before taking trades or trade at your own risk.
Stock has given a breakout after making triple bottom. Looks good to buy from all angles. Valuations are cheaper. But considering the NF and BNF where bearishness prevails is spoiling sentiment for the bulls who want to be positionally long in ICICIBank. Otherwise chart it is a definite buy for a target of 370/381 or even higher.
As per option chain data 350 PE has highest open interest suggesting stock may not fall below 350 until and unless a major break down is seen in NF and BNF. So worth taking risk and staying on long side of it.
Trade closed: target reached:
2nd target met. Made high of 357.45.
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