Analyse
ICICI Bank is now on the radar.On Thursday(16/12/2021), we saw many banking stocks close in the red. The indices, also in red, closed above 36,500. Well, we know it's an important level of banknifty. It also important to watch how Banknifty is going to perform.
* ICICI BANK, with a weightage of 5.84 percent NIFTY50 stock, is down nearly 18 percent from its recent high, making now an good time to add to your long-term portfolio.
*Recently, many analysts were also bullish on the stock, and we saw it shoot up. price action movement as well.
*Before entering into the stock, just look at the daily chart and draw a fib retracement line (867) between the recent high and (710). Look at where the 0.5% line and the same line recently took resistance near (770).The lower side (710-700) is actually acting as a good support level. Well, we can consider this respecting the price action.
*In that case, considering the fib line, the current level looks good near (740). From the price action, we can expect bullish moments from there. If that respecting, I am confident about entering into a long position with strict SL.
