ICICI Bank is underperforming in the Pvt Banking space for quite sometime. It has fallen since Axis Bank announced its bad results while Banknifty
has gone up substantially higher, market is anticipating bad results for Q3 on 31st Jan similar to Axis. Technically, it is in an upward channel on weekly charts. Good risk reward
to go long at the bottom of the channel. If results come out fine then it can explode to the 285-310 zone fairly quickly.
How to play this now: Buy future/Spot and hedge with ATM long put. IV of calls is very high hence quite expensive ahead of results.