Finally on 3rd November, ICICI bank gave breakout on upside after breaking 427 level and huge volume. One could have taken long after first 30 min candle itself. Now this 427 level should act as good support. Below are trade plans for 4th November.
1. Positional long should be carried with SL of 425 with target of 455/468. Wait for dip towards 433 level and go long with SL of 425.
2. Shorts should only be initiated only if 425 is broken with SL of 428 for target of 419. This is very unlikely as breakout is with heavy volume.
Tomorrow is US election day. Anything can happen. Go with less position size.
1. Positional long should be carried with SL of 425 with target of 455/468. Wait for dip towards 433 level and go long with SL of 425.
2. Shorts should only be initiated only if 425 is broken with SL of 428 for target of 419. This is very unlikely as breakout is with heavy volume.
Tomorrow is US election day. Anything can happen. Go with less position size.
Comment:
ICICI bank Played according to the plan perfectly. As expected 427 acted as support. 425 was never breached for longs. :)
