mklives
Short

ICICI BANK,, top formed??

NSE:ICICIBANK   ICICI BANK
looks ike the mega upmove in ICICI BANK will get some correction below 536 close..
Comment: 536 broken..expecting 520..
Trade closed: target reached: 520 reached

Comments

I am quite intrigued by price movement in ICICI bank. I want to draw your attention to deviation between current market price and its DEMAs on the monthly price chart. CMP is 10% above its 20DEMA and 27% above its 50DEMA. Typically, market price returns to averages which is also known as the mean reversion. RSI is 78 - overbought. Factually, RSI has been 75+ in last 2 months. Trading volume is below is 5 and 20 EMA for quite some time. Thus, investor participation has waned. Yet, valuation has remained highly expensive.
+1 Reply
mklives datepuru
@datepuru, it will return to earth.. guess budget rally is on..
Reply
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