Let us look at ICICI on a monthly time frame. ICICI has posted robust bull run for last 4 months. It has opened on a slight gap up each month. RSI has reached 77.60 as of 3rd Jan, overbought. CMP is at 13% premium to 20DEMA , which is on the higher side. These indicate imminent correction in ICICI bank price unless there are some strong news-based positives. CMP is very close to support line drawn across its past price on December 5. If price bounces back then the support at 537.62 shall be confirmed. Otherwise, one can expect further fall in price. Max OI is concentrated at 540PE followed by 520PE. Max OI is concentrated at 550CE. Put premiums have firmed up while calls have mostly been shorted.
Remember you're looking at hourly chart. You need to look at one time-frame above and validate the big picture. Unless you're a short term trader, it's not a good idea to take positions just based on only hourly chart without looking at daily chart.
weekly below 536, stock will tank.
with results approaching towards the end of the month, will be interesting to see whether break down will happen before or after. looiking at the candles..correction is imminent