On 13th Nov, ICICI bank opened below 472 level. However It was a failed breakout and bulls took control from there and closed at day high. this 472 level is now good support. ICICI bank is now on verge of a good upside breakout. Below are plans for 17th Nov.
1. Opening above above 490 and sustaining makes ICICI bank breakout on the upside. Go long positionally with SL of 486 for target of 498/506/524.
2. Sustaining below 486 is a short scalping opportunity with SL of 489 for target of 480.
3. Go short only if 472 breaks and sustains with SL of 476 for target of 464/458. This is very unlikely scenario unless something bad news.
Remember ICICI bank is a major constituent of BankNifty. Dont remain short in BankNifty if ICICI bank gives upside breakout.
If you guys like the idea, please give a Thumbs up to motivate me. Also Please share your thoughts in comments as well.
1. Opening above above 490 and sustaining makes ICICI bank breakout on the upside. Go long positionally with SL of 486 for target of 498/506/524.
2. Sustaining below 486 is a short scalping opportunity with SL of 489 for target of 480.
3. Go short only if 472 breaks and sustains with SL of 476 for target of 464/458. This is very unlikely scenario unless something bad news.
Remember ICICI bank is a major constituent of BankNifty. Dont remain short in BankNifty if ICICI bank gives upside breakout.
If you guys like the idea, please give a Thumbs up to motivate me. Also Please share your thoughts in comments as well.
Comment:
How many traded in ICICI bank as per plan. Plan 2 worked very well. Attaching 5 min chart for reference.
