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ICICIBANK

ICICI Bank- Taking flightICICI Bank has broken into unchartered territory with attaining an ATH. I have also plotted the Fib retracement for the fall in March 2020 and the chart pattern has played out the Support n Resistance levels at the the key levels of Fib retracement. Now the chart has also broken the 1.618 level mark and expect it to continue its upward journey to the next level of 2.618 which shall be somewhere close to 981. There is an immediate support zone at 670-680 levels which was the immediate resistance which was broken recently. The vol. profile levels from 1 to 1.618 show a strong value zone at 625-630 levels which shall act as the medium term support. Guys let me know if you can value add further on this analysis. Let me also know if I am going wrong in the analysis.
NSE:ICICIBANKLong
by CA_MANISH
Bank Nifty weightlifts Nifty Past 16250NIFTY 50 EOD ANALYSIS -04-08-21 IN SUMMARY Open / High / Low / Close 16195.25 / 16290.25 / 16176.15 / 16258.8 Trading Range Low to High: 114 points Likely Max Realistic Opportunity @ 50%: 57 points India VIX: 13. / --3.93% FII DII activities: +2417 Crores CHART BASED CONCLUSIONS Nifty made yet another gap-up opening and yet another ATH close. It faced the first resistance below 16300 so for tomorrow’s expiry, this level may act as the resistance as well. Nifty movement appears choppy on the 5-minute chart as kept moving up and down after 1100h. Tomorrow’s expiry may decide the next course of action for Nifty - above 16300 or yet another series of range-bound moves. TOP 3 LOSERS GRASIM - Earlier ATH level resistance was faced and the candle slipped below its 20 DMA and could barely close above the line. Interestingly, the 20, as well as 50 DMA lines, are moving very close to the Priceline. TITAN - Profit booking at higher levels may have brought this down though the volume is low and the daily RSI is still bullish. TATA MOTORS - After a gap-up open above the 20 DMA line, it failed to hold on to the selling pressure and closed below the line and below 300 as well. Wait and watch for now as even MARUTI was down today. TOP 3 GAINERS HDFC - The giant roared again and in a royal style. In 6 sessions, the scrip is up 11.5% and has single-handedly managed to lift Nifty from out of the non-Bank Nifty heavyweights. It is now approaching 2700 resistance and if it clears that, 2740-50 may be on the cards. KOTAK BANK - Picking up from where it left yesterday, it kept the pressure on the Bank Nifty front along with the elder cousin HDFCBANK and by EOD, it managed to cross the 50 DMA line as well. There are a few resistances around this so we have to see if it can retain the good momentum with strong volume and march ahead. ICICIBANK - Another Banking heavyweight that roared and helped Bank Nifty outperform. It also closed at a new ATH and crossed 700 as well for the first time with good volume. POSITIVES HDFC twins getting back in traction along with KOTAK BANK is a big plus as these are the counters that were dragging or not letting Nifty and Bank Nifty move higher. Bank Nifty now has only 2-3 resistances to clear before hitting ATH. The volumes are good and so is the RSI on the daily chart. With RBI policy on 06-08, we have to see if it can close the week at a new ATH - though it is a very tall order considering that tomorrow is the expiry. FIIs have bought in excess of 2500 Crores is a big positive so some more upside is in store. NEGATIVES IT and Auto scrips came under pressure and the heavyweights have ended in the negative. RELIANCE has closed above 2100 but was choppy and somewhat reluctant to move up. It has the potential to be a spoilsport when all is well. TRADING RANGE FOR 05-08-21 As of now, the indices are on the run so I prefer to wait for them to settle down for the week before working on any levels as from hereon till some time, heavyweights could decide which way and how far the indices could be move. INSIGHT / OBSERVATIONS For the first time OHLC for Nifty is above 16000 so it would now act as a good support and a psycho barrier for bears as and when they choose to bring the index down. Bank Nifty clearly out-performed Nifty and it may now happen that Bank Nifty may scale its ATH and then only some new set of actions could take place. Though HDFCBANK is not in the top gainers, it has managed to cross the 200 DMA in style and has met with a resistance at 20 DMA. The momentum is picking up and the volume is good so we have to see by when it manages to cross the line and then the 1500 mark which would also take it above the 50 DMA. Thank you, and Happy Money Making! Umesh 4-8-21 P.S. If you choose to comment on the above, please do so with your analytical view rather than merely passing a comment. Your presentation of the view held by you would help other readers as well. NOTE -- This write-up is not a prediction mechanism for the movement of Indices in the Indian markets as the markets are unpredictable in nature. I may refer to many data points in the article but I do not base my view on any of these standalone. In fact, I prefer to react to the price moves than predict the price moves. I also do not review Open Interest. Whatever data points I am using, are all stated in the article. The article title, as well as its contents, can at best be stated as --- This Is How I Read Nifty. I hope I have been able to set the expectations right.
NSE:NIFTY
by AVENUESOFINVESTMENT
ICICIBANK: On a Bullish Trend Technical Analysis of: NSE:ICICIBANK The Elliott waves Cycle Oscillator is indicating a detection of an impulsive (ascend) wave. The Elliot wave is showing an IMPULSIVE movement, showing an UPTREND . From 653.50. The waves 1, 2, 3 and 4 is completed at 653.50, 545.80, 664.60 and 620.30 respectively. From the point 620.30 wave 5 is starting and projection range for wave 5 is in between 654.57 and 665.00 Seeing a Bullish trend further ahead, the RECOMMENDATION is to BUY . Disclaimer: The analysis is only for illustration purposes only. Please consult your financial advisor, agent, broker before acting on any information. We may or may not have positions in the stock and our actions may be contrary to the one mentioned here. This analysis may or may not be updated. We would not be responsible for the profit/loss resulting from this analysis
NSE:ICICIBANK
by finogent
Reliance, ITC, & ICICI Bank to decide Nifty levels for 26-7-21NIFTY 50 EOD ANALYSIS -23-07-21 IN SUMMARY Open / High / Low / Close 15856.05 / 15899.8 / 15768.4 / 15856.05 Trading Range Low to High: 132 points Likely Max Realistic Opportunity @ 50%: 66 points India VIX: 11.76 / -1.09% FII DII activities: +2,000 Crores NIFTY 50 EOD 23-07-21 DAILY CHART CHART BASED CONCLUSIONS Nifty Open = Close signals an indecisive close and that is understandable considering the fact that RELIANCE results due after market on 23-7 and ICICI BANK on 24-7. Open = Close has been happening often which is not good as the index then does not make much progress on a closing basis especially when it is a weekly close. Nifty fell sharply and suddenly in the first hour after a gap-up open and retested the PM low of 22-7. Though Nifty has made a higher high and a higher low compared to 22-7, the gap leading to 15632 is worrying as all heavyweights have so far fallen after their results. TOP 3 LOSERS TATA MOTOR - Finally caved in below 300 with a gap-down open and now 275-285 range may get retested. GRASIM - Profit booking appears to have kicked in with somewhat higher volume than the fall of 22-7 and RSI has also slipped below 60 on daily charts indicating that the momentum is fading. LARSEN & TOUBRO - After a good run on the upside over the last few sessions, it has experienced a down day which is understandable. The low of 22-7 is still intact so no cause of concern yet. TOP 3 GAINERS ICICI BANK - Rising ahead of its results indicates that the market is expecting it to report a good set of numbers. Any below the expectations reporting may drag it down sharply. Wait & Watch. ITC - A much-needed candidate on the list! It has shown good traction after retesting its 200 DMA a few days ago and the rise is also with good volumes so we have to see if it can hold on to the momentum next week as well. RSI on daily charts is above 60 so the momentum appears to be on the right side. WIPRO - One more case of a scrip bouncing back up strongly after retesting 50 DMA a few days ago. One more ATH closes though the volume is not as high as it was earlier. POSITIVES ICICI BANK and ITC led from the front and helped the Nifty close above 15850 - both await their results due on 24-7. Banknifty outperformed Nifty led by ICICI Bank, SBI, and FEDERAL BANK. FII-DII net buyers +2,000 Crores. DIIs bought in excess of 2,100 Crores is a big positive possibly indicating that their view is bullish for the next week. Banknifty reclaiming 35,000 levels is a good psycho advantage. NEGATIVES The biggest underperformer that has impacted both the indices during the truncated week is HDFC BANK. A fall of more than 90 points in a matter of 4 sessions has rattled the indices. Even though RELIANCE has closed above 2100, it is below the 50 DMA and on the line of 20 DMA. Nervousness ahead of results is not good as we have experienced in the case of other TCS and INFOSYS in particular. TRADING RANGE FOR 26-07-21 The support line for Nifty is now moved up to 15700-750 with the resistances at 15950-16000. For any future bullishness, a close above 15900 is essential. If the numbers produced by the 3 biggies are below par, the 15600-630 zone may get activated. And in the best-case scenario, 16000 may become a reality soon. 34400-600 is now the support area for Bannifty with 35200-35300 as the resistance band. For Banknifty a below-par performance could mean 34200-400 visits and the best case could be a retest of 35800-36000 levels. INSIGHT / OBSERVATIONS It was quite an unusual thing to see Nifty sliding down 100+ points in the first hour itself. Something was at play which again a retailer would not know by looking at the charts. RELIANCE appears to have declared better than expected results, but its price action on 24-7 is the only way to know how good the numbers were. HDFC BANK is now like a Kumbh Karna. Not sure when it would get up from the comforts offered by the 200 DMA. A big move on either side is possible as all big boys’ numbers would get traded at the open so VIX may be high and so would the emotions at play. Thank you, and Happy Money Making! Umesh 24-07-2021. P.S. If you choose to comment on the above, please do so with your analytical view rather than merely passing a comment. Your presentation of the view held by you would help other readers as well. NOTE -- This write-up is not a prediction mechanism for the movement of Indices in the Indian markets as the markets are unpredictable in nature. I may refer to many data points in the article but I do not base my view on any of these standalone. In fact, I prefer to react to the price moves than predict the price moves. I also do not review Open Interest. Whatever data points I am using, are all stated in the article. The article title as well as its contents can at best be stated as --- This Is How I Read Nifty. I hope I have been able to set the expectations right.
NSE:NIFTY
by AVENUESOFINVESTMENT