Head and Shoulder Pattern in ICICI bank
Today price break the trend line. As we can see price create a head and shoulder pattern. It's indicate that price will go down with in couple of days.
Indicator:
MACD divergency.
Support 1: 1042
Support 2:1032
if we can see a bearish candle create near 1042 then we can take short position target of 1032 .
IBNC trade ideas
ICICI bearish stance for short term. 1010 might come before 1100As we can see, 1030 Call options for Feb series are heavily sold. Holds highest OI for feb series. Feb series end i.e tomo we can see 1030 in this counter. If this happens, ICICI will be completing the H&S pattern on 1hr Time frame. It will come to 1010 or even 1000 before reversing from there to reach 1100+
It is a short term bearish stance on ICICI. This is a healthy correction for it to reach beyond 1100. Those in this for long term, can hold and add more when it comes to 1010 or 1000 level.
Short term as 1-3 weeks, one can sell with SL of 1100.
Morning Trade ICICI BANKAs the stock standing at its life time high which is 1059 made after qtrly result anouncement, if in the morning stock crossed 1059 with good price action, then further move can be extended upto 1080 and 1100 level in Feb series. So trade is this :-
1. 1060 CE FEB EXPIRY @ 12 or
1070 CE @ 8
2. Buy in cash for short term target 1100 and 1130 levels.
ICICI bank looking promisingIf we check Line chart for ICICI bank we find it at breakout level on daily chart, earlier resistance trendline which connects 31Jul23/15Sep23, has become now support where it took support 2/9/18 Jan24. Now facing resistance from trendline connecting top of 15Dec23/23Jan24/31jan24/6feb24/14Feb24. RSI above 60 on Weekly/Monthly chart and abt to break on daily.
ICICIBANK LONGNSE:ICICIBANK
~ Stock trading above 30 Week EMA
~ Demand seen at 970-990 levels
~ Consolidating with high demand
~ Flag & Pole Pattern BO and retested
~ Fundamentals -
* EPS QOQ increasing
* EPS YOY increasing by 25.08%
* Sales YOY Increasing by 29%
* Annual EPS Growth 67% TTM
* DII increasing stakes
* ROE - 15.2%, ROCE - 5.85%
~ Overall bullish on Banking Sector as
Bank Nifty is taking support at 30
Week EMA
T1 - 1210
This is for educational purpose. Do your own study before investing.
All Bank in a single Screen: Time Frame 15 minFor your reference to understand all chart in a single layout in trading view.
Time Frame: 15 min
HDFC: Trendline breakout at support zone and try to retrace for up move.
ICICI: Trendline breakout and try to retrace for up move but at support zone.(Neutral)
AXIS: Price at support zone (Neutral)
KOTAK: Price follow downtrend .1831 is a support resistance now.(Down trend)
INDUSIN: Price consolidating . Overall side base .(Neutral)
SBI: Price is in range between 637-652. Overall side base .(Neutral)
NOTE: When all bank perform then who is the exception can also perform with overall trend.
ICICIBANK | IMPORTANT LEVELSAnalyzing ICICIBank on a follower's request. ICICIBank is current trading in the resistance zone 1060 - 1030 and have multiple supports from 1000 to 970. In case it closes below 970, we can expect a fall towards 920 - 900 zone.
On the other side, above 1060 we can expect fresh buying and upper levels will be seen.
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Happy Trading!
InvestPro India
ICICI Bank 1000 Target hit sell recommended near 1055On Our Harmonic pattern indicator based trade setup take trade as explained below :-
Early trades Buy or sell below/ above 23.6 %, safe trades buy or sell above / below 41% , after taking trade next upside or downside levels will be target ,
When reverse buy or sell signal appear then book profit on Target or trail SL to 23.6 % If trailing SL hit then early trade can be taken above or below 23.6 and safe trade can b taken above/ below 41% ..
Please note:-
It's working on news based and volitile market very well so exit if SL hit
ICICI bankTrend deciding zone is 986 - 991. As there is a trend line resistance around this zone, the strength price gaining here will play an important role in trend direction.
Buy above 992 with the stop loss of 986 for the targets 998, 1004 and 1012.
Sell below 982 with the stop loss of 988 for the targets 976, 970 and 962.
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Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell.
You are responsible for whatever you do.
ICICI Bank down side Target 950 On Our Harmonic pattern indicator based trade setup take trade as explained below :-
Early trades Buy or sell below/ above 23.6 %, safe trades buy or sell above / below 41% , after taking trade next upside or downside levels will be target ,
When reverse buy or sell signal appear then book profit on Target or trail SL to 23.6 % If trailing SL hit then early trade can be taken above or below 23.6 and safe trade can b taken above/ below 41% ..
Please note:-
It's working on news based and volitile market very well so exit if SL hit