After a sustained downward trend from mid February, ICICI bank has broken the price channel on the upside with a gap, on the back of excellent results. Today, the results day high (605.50) has been broken decisively on the upside. Also, important trend indicators have turned bullish. It is time to go bullish on this stock, with short-term target of 649 (for momentum traders) and medium-term target of 720 for positional traders. Also, any pull back to the gap region (590 – 580), due to pandemic induced fear selling, may be used to add fresh positions.
This is an analysis and not a trade recommendation. Make independent verification of all analysis, ideas, recommendations, suggestions, tips, advisories before deciding to invest.