ICICI Securities
Closing Price 448.10
Observations
- the stock was amongst the first to surpass the pre Covid highs in July
- however since then it has been in downward slope
- the yellow zone is an important support zone
- it also coincides well with 38.3% Fibonacci support levels
- the stock may be in consolidation mode as for now
Given the set up a trade Any dips towards the yellow zone may be looked as an opportunity to accumulate from medium term perspective
Closing above the red trend line would give confidence to bulls of new rally starting in the stock and we might see some Momentum in the price movement. Target in that case could be around 524 odd levels. Sustaining above that would open doors for next target of 572
On the lower side one needs to be very cautious especially if the Blue line is taken out. It looks like the last guard of support and below that Bears might have an upper hand
Closing Price 448.10
Observations
- the stock was amongst the first to surpass the pre Covid highs in July
- however since then it has been in downward slope
- the yellow zone is an important support zone
- it also coincides well with 38.3% Fibonacci support levels
- the stock may be in consolidation mode as for now
Given the set up a trade Any dips towards the yellow zone may be looked as an opportunity to accumulate from medium term perspective
Closing above the red trend line would give confidence to bulls of new rally starting in the stock and we might see some Momentum in the price movement. Target in that case could be around 524 odd levels. Sustaining above that would open doors for next target of 572
On the lower side one needs to be very cautious especially if the Blue line is taken out. It looks like the last guard of support and below that Bears might have an upper hand
Trade active:
Hit the Play button in the above chart and see ICICI Securities taking support exactly at the yellow support zone highlighted in the chart and trading plan mentioned in the write up as well...
That's the power of Technical Analysis for you...
That's the power of Technical Analysis for you...