Simple Trade Setup | ICICIBANK | 30-05-2022 [INTRADAY]NSE:ICICIBANK
Observations:
1) On 1 day time frame, it is just near 200MA. 200MA is placed in 740 level range.
Please refer below chart : 1 day time frame.
Also on 1 day time frame, we can see the importance of 740 level.
Also we can see resistance trendline.
Please refer below chart : 1 day time frame.
2) On 15min Time frame, we can see a rounding bottom pattern. If has to sustain above 740 to get it activated but the next hurdle for it is that resistance trendline.
Please refer below chart : 15min time frame.
Also a support channel is there on 15min TF.
Please refer below chart : 15min time frame.
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Trade Setup for 30-05-2022
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
ICBA trade ideas
Simple Trade Setup | ICICIBANK | 16-05-2022 [INTRADAY]NSE:ICICIBANK
Observations:
1) On 1day time frame, it near critical support zone of 670-675 range.
Please refer below chart : 1day time frame.
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Trade Setup for 16-05-2022
1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.
2) Everything is mentioned on the chart. I hope it is easy to understand.
3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.
4) Avoid gap up or gap down chase. Wait and trade between levels.
Please refer below chart for levels.
Hope I made it easy to understand it.
Do comment your doubt or suggestion.
Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.
ICICI Bank - Weekly Time FrameICICI Bank - Bearish
One can short from current level with a SL of 704.
Note: On a weekly TF the stock has broken 50 EMA and hence on a shorter term the chart set-up in bearish.
Long Set-up
644-650 seems to have a strong support level.
Can start accumulating from 660/650 and keep space for lower levels.
Caution: If it breaks (Weekly TF) downfall of more 80-100 points is possible.
ICICI in good position to take multiple trades .ICICI is at a position where we can take multiple trades . Not in sequence depends on how the stock moves .
1)1st trade would be taking a long after touch on the trend line . Risk only 2% of capital .
2) Short at 691 . Risk 1% cap.
3) If trend line has already been hit , can take chance with 3rd trend line bounce after it hits 691 . Risk only .5% or even less .
All things said , keep a close eye on how the Sensex plays out for the day.
ICICI BANK TRADING IDEA Q4 2022 ResultsNSE:ICICIBANK
Candle Pattern Form on Weekly Closing is Shooting Star at the top ( A Bearish Candle) indicating trend reversal.
A Death Cross was also formed on 12th April when DMA 44 crossed below DMA 200.
There is a Gap between 778 to 788... which is offering resistance!
Due to Good Q4 2022 Results, the Stock is likely to open GAP UP on Monday, April 25, 2022.
However, analysing the Futures Open Interest data its observed that there is a short build up.
Option OI suggests that heavy Call Writing has been done from 780 onwards... 800 has the highest CALL OI... So 800 will be a Strong Resistance. Also Maximum Puts have been written at 700 level, so 700 is a good support. These two levels may be respected at least till this month Expiry April 28, 2022.
Overall its prudent not to enter at 770 above level unless it crosses the resistance... else it may be a Trap for the Bulls!