ICICI BANK-VS-ICICI PRU LIFE INS PAIR TRADE
EXECUTE THE FOLLOWING
!!EXECUTE BOTH TRADES!!
!!HOLD FOR GAINS!!
!!FOLLOW UP-FOR UPDATE!!
POSITIONAL LONG IN ITC
-STRONG REVERSAL FROM MAJOR SUPPORT LEVEL
-RSI REVERSAL FROM OVERBROUGHT ZONE
-POSITIVE MOMENTUM IN STOCK
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ICICI is moving in a channel and broke from an ascending triangle. Can go long with SL 526 and targets of 550-555 levels in coming days.
The structure it self is quite explaining as ending diagonal , and the price is weak with in the structure , Expect one more drop before strong turn around
for Equity traders you can look to enter on price drop as you can always benefit of small accumulation
for Futures trader wait for complete reversal in order to enter , this has one more move up so wait for it
ICICI BANK is over extended on daily charts and has formed what looks like a gravestone doji but not sure about it thought
looks like its time for a correction. sell below todays low for 520 target. SL todays high