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ICICIBANK

29 Jan ’24 — A flag like formation on 63mts TF - BankNiftyBankNifty Analysis - Stance Neutral ➡️ BankNifty also gets a stance upgrade - from bearish to neutral. The price action was not as beautiful as Nifty50 today. One reason would be the outlier performance by Reliance today +7%, whereas the main weightlifters for BankNifty were HDFCBK 1.38%, Kotak +3.08%, ICICBank 0.64%. 4mts chart The support/resistance of 45399 was in play today and it proved quite sticky. Although BN got to this level by 09.31 - we never had a strong breakout today. On the 4mts TF it appears we broke the resistance between 09.59 to 11.15 - but it was not strong enough as we fell back to it by 11.19. On a close-to-close basis, BankNifty gained an impressive 576pts ~ 1.28% but the charts do not signify a bullishness yet. 63mts chart The pattern formed today more or less looks like a flag formation - so the bullishness could come at any moment. BankNifty has a lot of catching up to do, so the run could get quite wild too. If the FII selling in HDFCBK has ended, it could be a good relief to the Bulls. We have changed the stance from bearish to neutral as BN has defended the 44542 support & is just above the 45399 SR. The moment we break these supports, we will go back to bearish mode. Algo Trading Our BankNifty algo trades ended today with a loss of 608 rupees per lot
NSE:BANKNIFTY
by viswaram
25 Jan ’24 — BankNifty looks, walks & talks like a BEAR, is it?BankNifty Analysis - Stance Bearish ⬇️ The unusualness of the last 30mts was more obvious in the Banks - HDFC, ICICI, AXIS and Kotak. Seems a news/event is brewing and we may get some clarity in the coming days. The good thing is that it broke out pretty late in the day, which meant the expiry was not totally screwed. 4mts chart How many Analysts you know are bearish on the banks, most of them we follow are Permabulls. Seems like the criticism we are getting is obvious in the price action today. Except for the last 30mts - every other minute belonged to the bears today. When news/event breaks out - the best thing a technical analyst could do is close the position and wrap the day. 63mts chart BN got support from our marked SR level of 44542. The next level below is 44068 which is the strongest SR level in the proximity. The history of 44068 levels goes back to Dec 2022 (quite a long way back). Our stance of bearishness continues and hope Monday belongs to the bears.
NSE:BANKNIFTYShort
by viswaram
23 Jan ’24 — Almost 1700pts fall + Support break - Bear Attack?BankNifty Analysis - Stance Bearish ⬇️ Banknifty fell an unbelievable 1696pts ~ 3.64% from the HOD to the LOD. As usual, the gap-up of 472pts would have painted the wrong picture today especially when the Traders came ready to play ICICI on the long side. Never in the day, we got a bullish signal today - it was a one way journey from that gap-up to the low of the day. 4mts chart The candle right at the support level of 45399 was the strongest - 215pts fall. This shows the strength the big-boys exerted today to create momentum. Were FIIs pissed off that we made them work on a Saturday? Both Nifty and BankNifty have the same stance (bearish) similar to the one we had on 17th Jan. When Both the indices are in the same direction, it should be a treat to watch. 63mts chart The next support comes at 44542 followed by 44068. The odd thing is that Global markets are so positive except China and Hong-Kong. And we do not have any bad local macro news except for the Sony-Zee saga and Govt. decision to increase the import duty on Gold & Silver. We strongly feel these positions are for the Budget 2024, If you have a better valid point - do mention it in the comments below. Also, we do not have an expiry tomorrow as both BN and N50 will have the monthly expiry on 25th. Strangely in Jan month, BankNifty’s last working day is the 31st on which it has a weekly expiry, but its monthly expiry is on 25th because Nifty’s on 25th. Some things you see only in India.
NSE:BANKNIFTYShort
by viswaram
20 Jan ’24 — Will Quarterly results help the BankNifty bulls?BankNifty Analysis - Stance Bearish ⬇️ For some or the other reason, the 4mts & 63mts charts are not visible on TradingView. It may be due to this unscheduled working day and they might be facing issues with data feeds from vendors. We had a bearish view yesterday also and despite BN ending the day today with 357pts ~ 0.78% we are still maintaining the bearish stance. 16mts chart A shallow support and resistance zone has formed between 45609 and 46025. The first critical support is unchanged at 45399 and the critical resistance at 47465. BankNifty was single-handedly responsible for limiting the losses on Nifty today - so we need to give due credit for that. But take a look at the chart - The fall from 48000+ levels did not just come because HDFCBK had poor results, it may be unwinding by FIIs considering the fiscal policy changes or reforms expectations for Budget 2024. So even if we have super duper results like the KOTAKs and ICICIs - we may not scale up that quickly. Honestly, we prefer if BN could reclaim the ATHs and support Nifty to crawl back into the channel. The US market hit a new ATH yesterday - SPX and the mood is euphoric.
NSE:BANKNIFTYShort
by viswaram
20 Jan ’24 — Probably the first working Saturday for a TraderNifty Analysis - Stance Neutral ➡️ Recap from yesterday: “The last 3 candles almost gave away the clue that bearishness was ending. We would still like to see how Nifty will open tomorrow. Ideally, it should open above 21698 i.e. within the channel to cement the idea that Bears are thrown out of control.” 4mts chart Open was right at the trendline and it acted as a resistance. Nifty was unable to breach it and it meant we would have either a flat or negative day. A lot of interesting things happened today. NiftyIT moved down and ended with -371pts ~ 1.00%. Most of them would not have noticed IT falling. The banks outperformed today, Kotak +2.41%, AUBANK +2.32%, CANBK +2.22%, PNB +2.74% & ICICI +0.95%. If not for these, Nifty would have had a serious fall today Nifty’s low today was lower than yesterday’s low and it has closed the gap from 18th Jan. The OTMs of both Nifty and BankNifty were trading in green and sometimes had unusual spikes often seen during low liquidity. Despite the quick announcement to have a working day today - the actual traded volumes or contracts were not that bad either. Initially, we thought DII and FII would not participate, but they ended up selling 719 & 545 crores today 63mts chart Nifty was unable to get into the ascending channel despite results from RELIANCE and major banks. We suspect some weakness is haunting N50. It could completely be news/event-driven or related to the build-up for the budget session. The selling figures from the institutions may be because of this. From a technical analysis perspective, Nifty looks range bound between 21913 and 21491. Falling below 21491 could auto-trigger further shorts and it could even be an avalanche. Our stance remains neutral for Tuesday, also note that Monday will be a holiday for the consecration of Ram Mandir in Ayodhya.
NSE:NIFTY
by viswaram
17 Jan ’24 — BankNifty & Nifty are both bearish now - Consensus BankNifty Weekly Analysis Between the last expiry and today, BankNifty has fallen 1274 points ~ -2.69%. It may not look so dangerous, but keep in mind we had a swing range of 2328pts ~ 4.82% between the high to the low of the week. Of these 2328pts, 2060pts ~ 88.4% came just today. 16mts chart BankNifty Analysis - Stance Bearish ⬇️ We opened 1423pts ~ -2.96% gap down today. The first 2 candles were green showing some fightback to reclaim the 47465 S/R which we just broke. BankNifty’s support break was the major highlight anyway - It was right below the bullish trend line and above the bearish trend line yesterday. The breakdown from there was the real impact. 4mts chart The option prices were absolutely crazy, especially on the CALL side. The premiums remained elevated right till 15.00. The PUT options on the other hand (far OTM) had given up the premiums even though it had some unusual surge in the opening minutes. Most of the traders would not have capitalized on the premium spike as by the time they punched the orders, the premium would have evaporated. 63mts chart The price action today paves the way for further downward action. Primarily both Nifty and BankNifty are in the same stance (bearish) and secondly, N50 has just violated the ascending channel whereas BN steered clear on 1st Jan. The biggest issue is that the next support comes at 45399 followed by 44542 and both indicate steep cuts.
NSE:BANKNIFTYShort
by viswaram
03 Jan ’24 — BankNifty holds the line today, Bears still around.BankNifty Weekly Expiry Analysis BN just fell 742pts ~ 1.53% between the last expiry and today, logically it got only 4 working days as the last expiry was on a Thursday. A 742pts move is nothing considering the shape BN is currently in. Since the stance is now bearish, we are hoping for a build-up in the momentum soon. 63mts chart link BankNifty Today Analysis - Stance Bearish ⬇️ So both BN and N50 have the same stance of “bearish” now. Usually, when the directional bias is the same for both these indices, we expect the markets to cover some ground quickly. 4mts chart link Except for the opening candle, BN had a pretty boring day otherwise. BN was keeping the losses under control on Nifty. And the banks ICICIBANK, AXISBANK & KOTAKBANK were trending in the opposite direction of HDFCBANK. Yesterday it was the real opposite - HDFC was staying cool while the others were dropping. The expiry was meaningful today with frequent surges of volatility swinging the strike premiums. Even though BN managed to tread above water for some time, there were no visible signs of a bullish recovery. 16mts chart link We are quite safely away from the channel now. To renter it, BN will have to rise to 48600+ tomorrow. If it doesn't, then it's in the bear’s control. We continue to look for shorting opportunities with the first target as 47006.
NSE:BANKNIFTYShort
by viswaram
02 Jan ’24 — BankNifty below the channel, Bears taking control?BankNifty Analysis - Stance Bearish All checkboxes ticked for a bearish trend reversal. Firstly, we got confirmation when we breached the ascending channel bottom line. Secondly, there was no attempt to retrace once we started falling. The low of the day was hit towards the end of session. 4mts chart link - click here BankNifty has been the torchbearer for the trend reversals. Of late we were worried that the baton may be passed on to NiftyIT. The leader earlier and now is still BankNifty - today’s move was quite indicative of that. If it goes as per the script, we should be seeing further followthrough by Nifty & FinNifty tomorrow. 63mts chart link - click here The last time we tried to breach the channel bottom line was on 21st Dec. It ended up as a trap for the bears. This time around, we have 6 candles created below the bottom line, and 5 of them in RED. Hope is not a keyword, but the bears have to cling to something to create momentum. We have anyway revised the stance to bearish with the first target being 47462 followed by 46939.
NSE:BANKNIFTYShort
by viswaram
ICICI Side Base for intraday 2nd JanuaryICICI is consolidate between 990-1008 Overall view of this chart: create high near about18 December after that create a downtrend and at support area 990 it's consolidating . If break 990 and price wait under 990 for 1-2 days then we can see a downtrend move for this stock. If price goes up above 1008 don't create position wait for retracement . after retrace our entry will be occur. Also we have to aware about fake breakout and breakdown. Indicator: MACD indicate bullish divergency .( Upside move may come )
NSE:ICICIBANK
by KaustavHazra
18th Dec ’23 - BankNifty stance changed from bullish to neutral BankNifty Analysis We got some interesting moves today by BankNifty. During pre-open ICICI bank was looking very weak but other banks were looking okay. But once markets opened - BN fell to 47810 by 09.19. The 2 horizontal blue lines I have drawn are the weak support and resistance lines from the last 2 days of action. BN went above the 47873 and was trading above that for most of the time. 4mts chart link - click here We got one hit at 13.11 and the 2nd one by 14.43. After the 2nd hit, BN briefly fell below the support level and the final closing was at 47862. The LOD was broken 15.23 - so it is like we closed into weakness. The distance to my target of 47754 remained at just 52pts. And that is the main reason why I prefer to change my stance from long to neutral for tomorrow. 63 mts chart link - click here If BN builds back momentum by tomorrow afternoon (FinNifty’s expiry could help), then it has to take out the ATH - only then I would prefer to switch back to bullish mode. To go bearish, the first step BN has to do is take out the top boundary of the ascending channel pretty quickly.
NSE:BANKNIFTY
by viswaram
#Largecaps #HRITIK stocks Over last few weeks, there had been too many posts on SM which were shared about some of the large cap names which have provided zero return over last "x" many months. That intrigued me to understand the concept of timewise correction. The composite chart of major large cap of Nifty or as they say HRITIK (+few others) stocks suggest that they have gone through similar timewise correction cycle of of almost 26 weeks where they had provided zero return in back in 2015 to 2017 and from there on the did rallied significantly about 40-50% before showing any sign of major price correction. The current pattern from 2021 to 2023 is also very similar to what happened back then, and the current weekly closing suggest a big breakout on weekly charts, Will these stock show similar move as they did back in past is only time can tell us but as they say history always repeats itself and also as someone said " Elephants, large caps, take their own time. And, when they move, only astonishment is left .", So may be time is right for them to start leading the Indian Market The composite chart contain below stocks in it. HDFCBANK RELIANCE ICICIBANK TCS INFY KOTAKBANK ITC AXISBANK SBIN
NSE:HDFCBANKLong
by aktradelearning
1
ICICIBANK Stock: A Strong Contender in the Indian Banking SectorICICIBANK, one of India's leading private sector banks, has demonstrated resilience and growth potential, making it an attractive option for investors. TradingView chart of ICICIBANK (NSE: ICICIBANK) stock. The price is currently at INR 924.65, and the volume is at 5.645M. Here are some key observations about the chart: The stock has been in a consolidation phase since early August 2023. The stock has bounced off its major support level at INR 900.00 several times in the past. currently ICIC bank is at support level. and we we check the historical trend of the stock. this time we should go long from the support level. The next resistance level is at INR 935.00, and I believe that the stock is likely to test this level in the coming weeks. Tips for Trading ICICIBANK Stock: Utilize stop-loss orders to limit potential losses. Avoid chasing market movements and wait for pullbacks. Exercise patience and wait for opportune entry points. Disclaimer: The information provided in this analysis is solely for informational purposes and should not be construed as investment advice. Investing in stocks involves inherent risks, and there is no guarantee of future returns. Before making any investment decisions, it is crucial to conduct thorough research, assess your risk tolerance, and consult with a qualified financial advisor
NSE:ICICIBANKLong
by TRADING-NASA