Watchout for 10 month old trendline breakoutThe stock is testing its 10 months old trendline and is also making a W (double bottom pattern)
Aggressive players can buy above 772. Safe players buy above 778 for both intraday and positional trade.
Positional targets can be 788 and 808 in short term.
Disclaimer: This idea is for educational purpose and kindly buy as per your risk management. I always encourage partial booking 1-2% profits and use a strict trailing stop loss. Idea is positional and only carry position on day closing basis.
Learn & earn,
Dr . Tanya Kumar
ICICI BANK LIMITED
525.00MXND
+115.94+28.34%
At close at Jun 25, 2024, 18:38 GMT
MXN
No trades
IBN/N trade ideas
ICICI Bank Triangle Breakout PossibleICICI bank has created a beautiful triangle and while it broke down for a few days, it has reclaimed the triangle formation and looks set to give a positive breakout. Keep this stock on your radar and expect a new all time high. I do believe that bank nifty and other big private banks should move soon and give good returns.
ICICIBANK : Possible BO - Reasons
Currently, SMA 20/50/100/150/200 days - all are withIn 3% range
Trend: Monthly is +ve already and Weekly is Changed to +ve
Close crossed Weekly and Monthly Pivots Upside
Today closed with a strong Marubozu candle.
Close is above 20 SMA on Daily, Weekly, and Monthly time frames.
Above 734 next 764, 776 and then strong upside move possible.
ICICI bank - Long above 770 SL 739I marked all details in the chart.
Rationale
1. One of the highest weight in Bank nifty. I expect bank nifty to perform better than Nifty
2. W Pattern is in making. White line marked is a strong resistance breaking up of that would lead to quick move.
3. SL is based on Fibo
Points to Note.
1. Keep tight SL of 735 DCB.
2. High risk and reward trade.