The recent correction in ICICI Bank is an opportunity to accumulate buys.
Price has corrected considerably and I will use this dip to load up buys at a discount.
Long ICICI bank between 530-544 and target 600/620. Put stop loss at 505 .
Looks like a decent trade once it crosses and holds above 596 and 50D EMA. Reward to risk ratio of about 1.5. Always plan your risk profile before taking a trade.
ICICIbank Looks strong at current levels and a weekly close above 560 is a good sign to go up.
Buy ICICIBank @ 550-560
Stop Loss @ 510
Target in short to medium term is @ 650-680
In prices earlier resistance becomes a support.
Note: Price will not exactly take suport and resistance so zones form. It this chart Price take support at the zone.
My personal view is that ,stock is in an uptrend so at this point of time we should watch it carefully and wait for weekly close ,it will decide whether it get set for up or down move.
I can see there is gap at 545 level and weekly breakout retest level also. In my opinion we should wait for 545 then start accumulating at that level and this view is void once closes above 591.
