On 28th October, ICICI bank opened near 410 level which is a key resistance level. It never tried to break that and went down to close at 396. Here are the trade plans for ICICI bank on 29th October.
1. Open below 393.5 is a good shorting opportunity with SL of 395.5 for a target of 389.6
2. Sustaining below 389 is positional bearish move for ICICI bank. Trade with SL of 391 for target of 381 .
3. Longs can only be initiated only above 411 with SL of 409 for 415 target.
Tomorrow is Monthly expiry and market is highly volatile. Trade according to your plan.
1. Open below 393.5 is a good shorting opportunity with SL of 395.5 for a target of 389.6
2. Sustaining below 389 is positional bearish move for ICICI bank. Trade with SL of 391 for target of 381 .
3. Longs can only be initiated only above 411 with SL of 409 for 415 target.
Tomorrow is Monthly expiry and market is highly volatile. Trade according to your plan.
Comment:
First candle went below 393.5. See the reversal point. Its exactly 389.6. Thats why support and resistance levels are very important.
