ICICI bank positional trade steup

The recent correction after the results is a good entry point to accumulate the stock, as the risk-reward is looking very favourable. The stock has failed to break the 50% Fibonacci
support levels, not just one but many time, one can see in the chart itself, the recent kiss was on 30th July. Some further correction can happen if the bank nifty starts to fall. The vertical lines that I have mentioned here are the MACD crossover, the red ones are forming on 2hr time frame and the black ones are on the hourly chart, and on the last trading session, a Doji candle formed which sign's a reversal.
Risk Takers can initiate a BUY position for a target of 380-400.
Risk-averse traders can buy once it crosses 350 levels for the same target, keeping the SL at around 320-315.
Trade accordingly
Comment: As I have mentioned in the chart above it has failed to break the 50% Fibonacci levels, go long for positional setup, I am expecting moderate volatility in banking stock from now on since the RBI MPC was in the banks favor.
Plan your trades accordingly.
Comment: we are reaching our target levels one can start booking profits.
Trade accordingly.


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