ICICI Bank - Harmonic Pattern Combined with Trend lineICICI Bank has fallen nearly 18% from its all time high. A fundamentally strong stock which has been respecting harmonic levels several is expected to be reversed from the marked level. 680 level is the range to initiate buy. Harmonic levels also matches with the support zone as shown in the chart.
It is also an classic example of previous resistance acting as support and it is expected to take support at 680 and move higher. A chart pattern of higher highs and higher lows in 15 minutes timeframe would suggest a strong up move coming in the future.
IBNC trade ideas
ICICI Bank (Bearish View) Currently the stock is trading at 18% discount from all time high levels.
ICICI Bank (TF=W):
1. Double Top pattern is being formed on Weekly time frame. Stock has given closing below "M" pattern (Double Top) neckline.
2. Also, the stock has given closing below 50 Week Exponential Moving Average.
3. Selling Volumes are continuously increasing.
ICICI Bank (TF=D)
1. "M" Pattern breakdown.
2. Trading below 200 Days Exponential Moving Average
View Point:
1. Stock seems to be bearish seeing global cues and formation of Double Top pattern
2. Can be accumulated at lower levels for Long Term Investment
Addl Points:
1. FII/FPI have decreased holdings from 47.29% to 45.28% in Dec 2021 qtr
2. Mutual Funds have increased holdings from 27.21% to 28.20% in Dec 2021 qtr.
Note:
1. The above analysis is for educational purpose.
Short ICICIBANKICICI bank is looking week
Daily chart candle is now near 200 EMA and breaching that one then it can go dip by another 10%
ROC RSI VORTEX is negative
Today Falling candle is high volume means sellers are more than buyers and
Falling in downward trendline not single day breached that trendline
ICICIBANK heading to 610 nowIn continuation to my view published on 01-DEC
As we have now breached 06DEC low 707.5 we are now in a incomplete bearish sequence by making Lower High and Lower Lows. This sequence started as a corrective wave after completing Cycle which started from MAr-20 and made high on 25-oct @ 687. and than started its corrective move which completed its 1st leg on 06DEc @ 607.5 and made a connector to form B in RED on 13DEc @ 769.7 and now is heading to complete its 3rd leg to complete the corrective cycle.
This leg we can expect to reach upto 610 level now which will be our Entry Level for a next UPSIDE move.
Bears engulfed ICICI BankICICI Bank was bullish in the last trading session and maintained itself above the 200 DMA mark. ICICI's upward move also supported BANKNIFTY from falling.
Today ICICI Bank again tripped below 200 DMA levels because of the Russia-Ukraine tussle and stress on the financial sector. ICICI Bank already broke its support levels at 715 based on Gann Square of 9. The following support levels are 713 and then 690.
Supertrend, Follow Line Indicator and Smoothed Heiken Ashi all are red in all timelines.
#ICICIBANK - HARMONIC PATTERN#ICICIBANK
Disclaimer : We are not Sebi registered analyst or Authorized analyst
The charts / Levels / Price projections are only for educational purpose.
This is our personal view, Pls consult your financial advisor before taking decision - Buy / Sell
We will be not responsible for your profit and Loss
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Grasim Industries At bottom of triangle.Grasim Industries has taken a good support on weekly time frame as well as daily and formed a triangle. This could be a good short term trade to buy at dips and with 8-10% profit. Make sure to put SL below trendline. Wait for bullish sign tomorrow and enter only if market is bullish else ignore..
INTRADAY FOR ICICI BANK.....!NSE:ICICIBANK
VK2413
#WEDNESDAY#
{
<#ICICI BANK>
VOLUME on Tuesday is high compared to last 5-6 days;
it's creating a strong support from past 3 days ;
tomorrow we can have a intraday trade, since it's @ its support;
if it breaks 751
{ BUY: ICICI BANK
750 is its very good support
because it's VWAP for Tuesday ;
TARGET:-756-759
SL:-747
}
Like👍 , Follow🥰 ,🙏 Show your love ❤️ ;
} HAPPY TRADING;
#ICICIBANK - CMP 748#ICICIBANK - CMP 748
Disclaimer : We are not Sebi registered analyst or Authorized analyst
The charts / Levels / Price projections are only for educational purpose.
This is our personal view, Pls consult your financial advisor before taking decision - Buy / Sell
We will be not responsible for your profit and Loss
Please like and retweet if you like this idea.