1. Please refer to my yesterday's Live Market Analysis on ICICI Bank where I recommended a buy; above 924.5.
2. The logic is that it is swing level of 25% on hourly chart.
3. Here, a trend line has been drawn is white on the weekly chart which is clearly showing up move of the stock here.
4. Also drawn is a copper line which is showing target line of the stock is future.
5. Also provided are the price swing levels.
6. Now, if you remember on ideas for some other stocks, I mentioned that pivotal candle for Indian market is 11-21-23 9:56 AM. ICICI Bank made base exactly from there and ran above.
(Before I discuss any further, please note two things about timings: (a) Your trading -view timing should be set to UTC+5:30, (b) Whenever a one minute candle is recommended, that is 100% accurate level, then why candles move up and down after that, could be your question in mind, the reason is that at that level stock may not be in perfect over bought or over sold condition; and secondly moving average curves may not be in perfect position; so, it takes up to three hours for price to settle at that price).
7. Now how to trade it? Please open 1 minute chart and apply 8, 20, 50. 100 and 200 SMAs. If moving averages are in perfect order at that time it good, else wait for the level to be formed on this candle and 200 SMA to come above the high of this level. For practice purpose, please open yesterday's ICICI Bank Chart in 1 minute and check. Similarly, it should be in reverse order, if a sell time candle is recommended. For practice, you may use HDFC Bank Chart.
8. How to trade today? (a) Price should remain above yesterday's 9:56 a.m. Candle, again it should not break yesterday's candle of 2:22 p.m. candle and today's important candle is 12:32 p.m.
Disclaimer: I am not a SEBI Registered Analyst. Please consult your financial advisor before making any decision. I will not be responsible for any of your profits/losses. This is only for educational purposes.
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